Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1746
Kijun-Sen- $1732
Gold has lost more than $35 after hitting 7.5 years high at $1764. US biotechnology firm Moderna has announced positive phase 1 data against coronavirus. US market surged sharply especially S&P500 more than 3%.
US Dollar Index – Bearish (Positive for Gold)
S&P500- Strong (negative for gold)
US Bond yield- Bullish (negative for gold)
Technical:
The yellow metal has recovered more than $15 from yesterday's low of $1727.The overall trend is still bullish as long as $1700 holds. On the flip side, the near term significant support is around $1700 and any breach below will drag the gold down till $1690/$1678/$1660/$1640.
The immediate resistance is around $1747, any indicative break beyond targets $1764. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.
It is good to buy on dips at around $1723-25 SL around $1710 for the TP of $1770.
