FxWirePro: Gold Daily Outlook

Ichimoku analysis (Weekly Chart)

Tenken-Sen- $1872

Kijun-Sen- $ 1890

Gold took support near 55- day EMA and shown a minor recovery.  The surge in US bond yield is putting pressure on the yellow metal at higher levels. The US 10- year yield jumped more than 8% yesterday, the biggest daily rally in three months. The US market hits record high on upbeat market sentiment also dragging the gold prices lower.  The short-term trend is bearish as long as resistance $1860 holds. The US recovered slightly, any surge past 91 confirms a bullish continuation.

Technical:

 The yellow metal is trading below trend line support. It is facing strong support at $1784 (55-W EMA).  Any violation below that level confirms minor bearishness, a  dip till $1764/$1750likely.

On the higher side, near-term support is around $1800, any indicative break below that level will take till $1816/$1830.

It is good to sell on rallies around $1801-02 with SL around $1815 for the TP of $1760.