Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1777
Kijun-Sen- $1761
Gold is trading slightly lower after hitting a high of $1790 on a minor pullback in US bond yields. The weakness in the US dollar index is putting pressure on this yellow metal. DXY breaks significant support 91 levels, a dip till 90.60 likely. The upbeat market mood due to fast coronavirus vaccination is preventing gold from further upside. US 10-year yield surged more than 5.5% from a minor low of 1.53%.
Technical:
It is facing strong support at $1760, violation below targets $1753/$1740/$1730. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1792, any indicative break above that level will take till $1802/$1810.
It is good to buy on dips around $1760 with SL around $1747 for the TP of $1793/$1802.
