Ichimoku analysis (Hourly chart)
Tenken-Sen- $1740
Kijun-Sen- $1736
Gold has once again declined after hitting a high of $1745. The weakness in the US dollar is supporting the precious metals. DXY is trading weak for the fifth consecutive days and lost more than 100 pips on a minor sell-off in the US 10-year yield. US 10-year yield declined more than 7% from minor top 1.774%.
Economic data:
Markets eye US FOMC meeting minutes for further direction. Investors look for any changes in the outlook of an economy.
Technical:
It is facing strong support at $1730, violation below targets $1719/$1700. Significant trend continuation only below $1675. 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 sell on rallies around $1744-45 with SL around $1760 for the TP of $1675.
