Ichimoku analysis (4- Hour chart)
Tenken-Sen- $1819
Kijun-Sen- $1865
Gold declined more than $10 after a minor jump above 200-4H MA. The slight recovery in the US dollar is putting pressure on the yellow metal at higher levels. UK started COVID vaccination yesterday. It has increased global market sentiment. The number of corona cases in the USA surged by 17% compared to the previous week. US dollar index is trading weak; any jump above 91.50 confirms bullishness. The US 10-year yield jumped more than 20% more than 10% after a decline till 0.825%.
Economic data:
With no major data today markets eye ECB policy and US CPI data tomorrow for further direction.
Technical:
In the 4-hour chart, Gold is trading slightly below 200- MA and any violation below $1838 will take the pair till $1822/$1806/$1800. On the higher side, near term resistance is around $1875, any indicative break above targets $1900/$1912.
It is good to buy on dips at around $1838 with SL around $1822 for the TP of $1900.
