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Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1707.87
Kijun-Sen- $1717.87
Gold has recovered sharply despite increasing risk appetite. US markets shown minor decline after more than 45% bounce from low made on Mar 23rd. But the impact of coronavirus on the global economy is supporting the yellow metals at lower levels.
US Dollar Index – Bearish (Positive for Gold)
S&P500- Bullish (negative for gold)
US Bond yield- slightly weak (positive for gold)
Technical:
The yellow metal is facing strong resistance at $1721 (21- day MA), any violation above will take the yellow metal till $1745/$1765. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely
The immediate support is around $1700, any indicative break beneath targets $1690/$1670.
It is good to buy on dips around $1705 SL around $1690 for the TP at $1745/$1765.
