Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1513
Kijun-Sen- $1530
Gold is trading weak for the past two days on strong USD. DXY surged sharply and hits 3- year high at 101.74 on safe-haven demand. The coronavirus in the US soared more than 8700 and yesterday was the worst case with more than 2300 new cases reported. It hits low of $1464 and is currently trading around $1469.
Technically, near term support is around $1450 and any violation below targets$1430/$1400.
On the higher side, immediate resistance is around $1500 and indicative break above will take the gold to the next level till $1520/$1550.
It is good to buy on dips around $1475-80 with SL around $1450 for the TP of $1550.
