Ichimoku analysis (Daily chart)
Tenken-Sen- $1852
Kijun-Sen- $1881
Gold has broken significant support $1830 after a long consolidation. The surge in US dollar and US 10-year yield is putting pressure on the yellow metal. DXY is holding above 91 levels, a break above 91.30 confirms a bullish continuation. The US private-sector job grew by 174K in Jan, compared to a forecast of 48K. US ISM services hit two years high at 58.70 in Jan better than the estimate of 56.70.
Technical:
It faces strong support at $1821.80 (200- day EMA), violation below targets $1810/$1800.On the higher side, near term resistance is around $1850, any indicative break above that level will take till $1865/$1875.
It is good to sell on rallies around $1829-30 with SL around $1835 for the TP of $1802.
