Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1773.12
Kijun-Sen- $1773.12
Gold has lost more than $35 after a minor jump to $1790 on upbeat market sentiment. The Real gross domestic product rose 6.4% at an annualized rate in the first quarter of 2021 compared to 4.3% in the fourth quarter. The number of people who have filed unemployment benefits declined by 13000 to 553000 vs an estimate of 540K. The US 10-year yield jumped more than 10% from a low of 1.53%.ost more than 3% from a high of 1.659%. The US dollar index is holding well below 200- day MA, a dip till 90 likely. The yellow metal hits an intraday high of $1790 and is currently trading around $1784.24.
Technical:
It is facing strong support at $1758 (200-4H EMA), violation below targets $1752.71/$1740 (200-4H MA). Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1774 and any indicative break above that level will take till $1782/$1793/$1802.
It is good to sell on rallies around $1779-80 with SL around $1792 for the TP of $1762/$1743.
