Ichimoku analysis (Hourly chart)
Tenken-Sen- $1916
Kijun-Sen- $1910
Gold has once declined after showing a minor above $1920. The rise in the US 10-year bond yield is putting pressure on the yellow metal at higher levels. The yield rose more than 15% and hits 4- month high on stimulus hope. DXY showed a minor recovery of more than 30 pips from a low of 92.47.
Technical:
In the hourly chart, Gold is facing strong support near 200- MA at $1909. Any indicative close below will take the pair till $1900/$1880. On the higher side, near term intraday resistance is around $1933 and any violation above that level will take the pair till $1933/$1950.
It is good to buy on dips around $1900 with SL around $1880 for the TP of $1933/$1950.
