Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1694
Kijun-Sen- $1599
Gold has shown a good jump of more than $50 after hitting a low of $1661. The increase in Safe-haven demand due to coronavirus pandemic is supporting gold at lower levels. The major factors to be watched are
Coronavirus
The total number of people infected due to coronavirus rose to 2637790 with the U.S is in the top with 848994 and four major European economies like Spain, Italy, Germany, and France at 208389,187237, 159877 and 150648.
US Market:
US stocks especially Dow Jones and S&P500 jumped more than 3% yesterday as oil price surge.
Bond Yield
US 10-year yield has halted its 2-week of losing streak and raised more than 20% from minor bottom 0.51%. The spread between US-2 and 10-year narrowed to 40bps from 72 bps.
Technicals:
On the flip side, near term support is at $1658 (21- day MA), and any violation beneath will drag the yellow metal down till $1618/$1600.
The immediate resistance is around $1725, any indicative break beyond targets $1750/$1799.
It is good to buy on dips around $1690-95 with SL around $1660 for the TP of $1795.
