Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1700
Kijun-Sen- $1615
Gold has lost more than $50 after forming a minor top around $1739. The yellow metal has formed a shooting star and struggling to break above $1747 high made the previous week. It hits low of $1692 and is currently trading around $1712.
On the flip side, the near term major 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.
