FxWirePro- Gold Daily Outlook

Ichimoku analysis (4 Hour chart)

Tenken-Sen- $1751.16

Kijun-Sen- $1746.74

Gold is trading slightly higher and broken significant resistance $1760 after a long consolidation. The sell-off in the US dollar index is supporting the yellow metal. DXY was one of the worst performers and lost nearly 200 pips. The minor bearishness in US bond yield also fueling gold's rally. The yellow metal hits an intraday high of $1768 and is currently trading around $1758.

Economic data:

US retail sales data surged to 9.8% in Mar compared to a forecast of 5.8%. The number of people who have filed for unemployment benefits declined to 576k in the previous week compared to an estimate of 703K.

Technical:

 It is facing strong support at $1758, violation below targets $1750/$1742/$1730. Significant trend continuation only below $1675. The yellow metal is holding above $1760 and this confirms minor bullishness. A jump till $1785/$179+2 is possible.

It is good to buy on dips around $1759-60 with  SL around $1750 for the TP of $1700.