FxWirePro- Gold Daily Outlook
Ichimoku Analysis (4-hours Chart)
Tenken-Sen- $1882
Kijun-Sen- $1885
Gold lost its shine after a minor pullback above $1900. The surge in US bond yields puts pressure on the yellow metal. The yield on the 10-year Treasury note rose 16 basis points to 3.104%, the highest level since 2018.It hits an intraday low of $1866 and is currently trading around $1876.97.
Factors to watch for gold price action-
Global stock market- bearish (positive for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1850, a breach below targets $1800/$1750. Significant reversal only below $1750.The yellow metal faces strong resistance of $1920, any breach above will take to the next level $1950/$1970.
It is good to sell on rallies around $1900 with SL around $1920 for TP of $1800.
