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FxWirePro: Gold Daily Outlook

Ichimoku analysis (15 min Chart)

 

Tenken-Sen- $1782

 

Kijun-Sen- $ 1779

 

Gold has shown a minor recovery after hitting a low of $1769 yesterday. The yellow metal lost more than $50 this week on rising US 10-year yield and strong US dollar.  The US dollar index surged above 91 levels on upbeat US retail sales. It rose 5.3% in Jan m/m, the highest jump in the seventh months. The data came much better than the estimate of 1.1%. The US year yield lost more than 5% after hitting a multi-year high on profit booking is supporting yellow metal.  The short-term trend is bearish as long as resistance $1860 holds.

 

Technical:

 The yellow metal is facing significant resistance at $1796-$1800 (200-15 min MA), any indicative break above targets $1820. It is facing strong support at $1765.  Any violation below that level confirms minor bearishness, a dip till $1717/$1690likely.

Indicator (15 min chart)

CAM indicator – Bearish

Directional movement index – Bearish

 

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

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