Ichimoku Analysis (Daily chart)
Tenken-Sen- $1577
Kijun-Sen- $1577.35
Gold lost more than $250 after hitting a high of $1703 despite easing by major central banks. The spread of coronavirus has forced investors to sell gold and raise cash. The yellow metal declined 12% in a week and ongoing virus impact will support gold at lower levels. It hits low of $1451 yesterday and recovered till $1515. It is currently trading around $1503.70.
Technically, near term support is around $1450 and any violation below targets $1430/$1400/$1360.
On the higher side, immediate resistance is around $1520 and indicative break above will take the gold to the next level till $1547/$1575.
It is good to buy on dips around $1455-60 with SL around $1430 for the TP of $1547.
