Ichimoku analysis (Hourly chart)
Tenken-Sen- $1778
Kijun-Sen- $1776
Gold is trading flat after hitting a high of $1797. The yellow metal should break above $1802 for further bullishness. The minor pullback in US bond yield is putting pressure on yellow metal at a higher levels.US 10-year bond yield recovered more than 4.5%. The minor jump in the US dollar index from a low of 90.68. Any bullishness only if it breaks 91.25. The yellow metal hits an intraday low of $1773 and is currently trading around $1780.
Economic data:
With no major economic data markets eye US fed FOMC statement tomorrow for further direction.
Technical:
It is facing strong support at $1773 (200-H MA), violation below targets $1760/$1753/$1740. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1802, any indicative break above that level will take till $1821/$1832.
It is good to buy on dips around $1773 with SL around $1760 for the TP of $1802/$1820.
