Ichimoku analysis (Daily chart)
Tenken-Sen- $1777
Kijun-Sen- $1738
Gold is consolidating in a narrow range between $1756 and $1799 for the past four days. The minor pullback in the US dollar is putting pressure on the yellow metal at higher levels. DXY surged nearly 100 pips from a low of 90.42. The US 10-year yield has shown a minor recovery of more than 2.5% also preventing yellow metal from further upside. The yellow metal hits a high of $1783 and is currently trading around $1781.23.
Economic data:
The factory orders rose 1.1% in May compared to -0.5% the previous month. Markets eye ADP employment and US ISM services PMI for further direction.
Technical:
It is facing strong support at $1769, violation below targets $1760/$1748. 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 $1770 with SL around $1760 for the TP of $1802.
