Ichimoku Analysis (8-hour Chart)
Tenken-Sen- $1984
Kijun-Sen- $1913
Gold hits an all-time high $2074 and shown a minor profit booking. The number of people filed for unemployment benefits declined to 1.186 million vs 1.423 million, continuing claims dropped by 844000 to 16.1 million. The US 10-year inflation-adjusted yield is at -1.08% vs -1.02% on Aug 3rd. Gold and US real yields are inversely proportional, this confirms that gold to trade further higher in the coming months. Markets eye US Non-Farm Payroll data for further direction.
US Dollar Index – Bullish (negative for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- weak (positive for gold)
Technical:
The yellow metal hits an all-time high at $2074 and shown a minor profit booking. It is currently trading around $2057.50.
The immediate support is around $2035, any indicative break below targets $2015/$2000/$1980. The near term resistance is at $2077, the violation above will take to next level $2100/$2125.
It is good to sell on rallies around $2060-61 with SL around $2075 for the TP of $1910.
