Ichimoku analysis (4-hour chart)
Tenken-Sen- $1732
Kijun-Sen- $1735
Gold is trading flat for the past six days between $1755 $1724. The strength of the US dollar is not having any impact on the yellow metal price action. The slight cool-off in US bond yield is supporting the gold at lower levels. US dollar index is trading higher for third consecutive days and any jump above 92.67 (200- day EMA) confirms a bullish continuation.
Economic data:
US durable goods orders declined by 1.1% in February compared to a forecast of 0.7%, the first time since Apr 2020. The flash manufacturing PMI came at 59 vs an estimate of 59.6. Markets eye US initial jobless claims and final GDP data for further direction.
Technical:
It is facing strong support at $1719, violation below targets $1700/$1685. 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 $1720-21 with SL around $1700 for the TP of $1760.
