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FxWirePro- Gold VS USDJPY VS US 10-year yield

Ichimoku analysis (4-Hour chart)

Tenken-Sen- $1750.70

 Kijun-Sen- $1762.61

Gold is consolidating after hitting a low of $1740. The overall trend is still on the downside due to the strong US dollar.  The factors dragging the gold prices are

USDJPY-

The yen and gold are 90% positively correlated to each other. USDJPY breaks significant resistance 110.80 after a long consolidation and hits a multi-month high. The risk-on-mood has decreased demand for safe-haven assets like the yen.

 

US Dollar index-

DXY facing a hurdle at trend line resistance at 93.45, any breach above 93.45 confirms further bullishness.

 

US 10-year yield- It continues to trade higher for third consecutive weeks and major bullishness only above 1.629%.

 

Technical:

The immediate resistance is around $1770 and a convincing break above will take the yellow metal $1787/$1800 if possible. It is facing strong support at $1740, violation below targets $1$1725.

 

It is good to sell on rallies around $1765-66 with SL around $1787 for TP of $1675.

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