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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