Ichimoku analysis (4 Hour chart)
Tenken-Sen- $1736
Kijun-Sen- $1743
Gold is trading weak after a minor jump to $1758. The minor pullback in the US dollar and slight recovery in US bond yields is putting pressure on the yellow metal. The US bond yield has jumped slightly after a good three-year note auction. DXY is holding above 92 levels and a break above 92.50 confirms intraday bullishness.
Economic data:
Markets eye US CPI data to be released today for further direction.
Technical:
It is facing strong support at $1726 (38.2%), violation below targets $1719/$1700. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1760, any indicative break above that level will take till $1783/$1800.
It is good to sell on rallies around $1750-51 with SL around $1760 for the TP of $1700.
