Ichimoku analysis (Hourly chart)
Tenken-Sen- $1846
Kijun-Sen- $1836
Gold continues to trade weak on a surge in the US dollar index. The yellow metal has taken support near 200 –day EMA and shown a minor recovery. The US 10-year yield is trading higher for the fifth consecutive days, the highest weekly gain since June is also putting pressure on the yellow metal at higher levels. The intraday trend is still weak as long as resistance $1858 holds.
Technical:
It is facing strong support at $1817, violation below targets $1800/$1780/$1760.On the higher side, near term resistance is around $1858, any indicative break above that level will take till $1876/$1885/$1900.
It is good to sell on rallies around $1868-70 with SL around $1885 for the TP of $1760.
