Ichimoku Analysis (Hour chart)
Tenken-Sen- $1637.90
Kijun-Sen- $1641.90
Gold has halted its bullish trend after hitting a 7-year high around $1686. The yellow metal was one of the best-performing assets this year after the outbreak of coronavirus. China's death toll due to coronavirus rose to 2700 and the number of cases infected worldwide crossed 80000. Iran recorded several deaths next to China.
Technically, it is facing strong support at $1615 (200- H MA) and any violation below targets $1600/$1577.
The immediate resistance is around $1660, an indicative break above will take the yellow metal till $1685/$1700.
It is good to buy on dips around $1647-48 with SL around $1635 for the TP of $1685/$1700.
