Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1953
Kijun-Sen- $1943
Gold jumped more than $45 despite strong US jobless claims data. The number of people filed for unemployment benefits declined to 963K compared to an estimate of 1120K and continuing claims at 15.5 million for the week ended Aug. The US 10-year yield hits 8-week high after robust jobless claims data. The real yield is at -0.96% from -1.08%.
US Dollar Index – Bearish (positive for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- positive (negative for gold)
Technical:
The yellow metal surged form low of $1862 and hits a high of $1966. It is currently trading around $1953.
The immediate support is around $1907, any indicative break below targets $1860/$1846/$1825/$1800. The near term resistance is at $1971 (200-H EMA), the violation above will take the commodity to next level $1995/2015.
It is good to sell on rallies around $1968-70 with SL $2000 for the TP of $1800.
