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Ichimoku Analysis (Daily chart)
Tenken-Sen- $1557.19
Kijun-Sen- $1581.70
Gold has declined sharply more than $50 from fresh 7-year high $1611 on easing tensions in the Middle East. US President Trump said in a speech yesterday that "Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world." This has decreased demand for Safe-haven assets like yen and gold. The yellow metal hits low of $1552 and is currently trading around $1558.
US ADP employment shows that the economy has added 202k private-sector jobs in Dec compared to an estimate of 150k and dollar index gained after the release of data. US 10- year bond yield has shown recovery of more than 6%, the spread between US 10 and 2-year has slightly narrowed to 27 bps from 35 bps.
The near term resistance is around $1575 and any break over targets $1588/$1600. On the flip side, nearby significant support is around $1538 (200 -H MA) and violation underneath will drag the gold down till $1518/$1507.
It is good to sell on rallies around $1565 with SL $1576 for the TP of $1538/$1518.
