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.
