Ichimoku analysis (Hourly chart)
Tenken-Sen- $1855
Kijun-Sen- $1850
Gold continues to trade in a narrow range between $1839 and $1863 for the past two trading days. The minor trend reversal can happen only if it breaks above $1865. US dollar index has shown a sell-off after hitting a high of 90.72. Significant bullishness only above 91 levels. The US 10-year yield declined on short-covering and is currently trading above 1.12%.
Technical:
It is facing strong support at $1817, violation below targets $1800/$1780/$1760.On the higher side, near term resistance is around $1863, 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.
