Ichimoku Analysis (4 Hour Chart)
Tenken-Sen- $1926
Kijun-Sen- $1936
Gold is consolidating in a narrow range between $1925 and $1961 for the past 1-week. The market lacks follow-through buying and eyes the US Fed Chairman Speech at Jackson Hole for further direction. The US economic data came mixed with New home sales that jumped to the highest level since 2006. The conference board consumer confidence came at 84.80 in Aug compared to an estimate of 93. The US 10-year yield is trading slightly higher and real yield is at -0.97% from -1% yesterday.
US Dollar Index –Bearish (Positive for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- slightly positive (negative for gold)
Technical:
The immediate support is around $1900, any indicative break below targets $1862. Major weakness only if it breaks below $1860.The near term resistance is at $1970, the violation above will take to the next level $2000/$2015.
It is good to sell on rallies around $1958-60 with SL $1975 for the TP of $1907.
