Ichimoku Analysis (4-hours Chart)
Tenken-Sen- $1702
Kijun-Sen- $1696.61
Gold is trading in a narrow range between $1661 and $1747 for past 2-weeks. The minor recovery came after hitting a low of $1670 on weaker than expected US economic data and renewed US-China trade war tension. Markets eye US ISM services data which is to be released today for further direction.
On the flip side, the near term significant support is around $1660 and any violation below will drag the gold down till $1631/$1600.
The immediate resistance is around $1740, any indicative break beyond targets $1760/$1799.
It is good to sell on rallies around $1718-20 with SL around $1740 for the TP of $1660.
