Ichimoku analysis (Hourly chart)
Tenken-Sen- $1731
Kijun-Sen- $1728
Gold continues to trade higher on minor selling in US 10-year bond yield. US 10- year bond yield declined more than 3% after hitting a multi-year high at 1.639%. US dollar index is struggling to break 92 levels, significant trend continuation only if it surges past 92.50 level.
Economic data:
US Empire state manufacturing index jumped to 17.4 in Mar, hits the highest level in 8 months compared to a forecast of 12.1. Markets eye US retail sales data for further direction.
Technical:
It is facing strong support at $1722, violation below targets $1700/$1685/$1660/$1637. On the higher side, near-term resistance is around $1745, any indicative break above that level will take till $1760/$1783.
It is good to buy on dips around $1725-26 with SL around $1700 for the TP of $1785.
