Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1706.90
Kijun-Sen- $1703.40
Gold is trading weak for the past 2-days despite dismal U.S Non-Farm Payroll data. The easing of lockdown in major countries such as France, Russia has decreased demand for Safe-haven assets like Yen and gold.
US Dollar Index – Bullish (Negative for Gold)
S&P500-Slightly -weak (positive for gold)
US Bond yield- Slightly bullish (negative for gold)
The yellow metal has once again jumped back above $1700 after hitting a low of $1691.50. On the flip side, the near term significant support is around $1688 (trend line support) and any violation below will drag the gold down till $1660/$1640.
The immediate resistance is around $1705, any indicative break beyond targets $1715/$1723. Significant trend continuation can be seen only if it breaks $1747.
It is good to buy on dips at around $1700 SL around $1690 for the TP of $1747.
