Ichimoku analysis (Hourly chart)
Tenken-Sen- $1869
Kijun-Sen- $1859
Gold has shown a minor profit booking after hitting a multi-month high at $1873. The slight pullback in US bond yields is putting pressure on the yellow metal. The US dollar index continues to trade lower for the past four days and has lost nearly 80 pips. Any dip below 90 confirms further bearishness. The US 10-year yield jumped more than 3.5% from minor bottom 1.601%. The yellow metal hits an intraday high of $1871.14 and is currently trading around $1870.85.
Technical:
It is facing strong support at $1859 (23.6% fib), violation below targets $1850/$1845/$1820. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1873, any convincing break above confirms bullish continuation. A jump to $1900/$1932 is possible.
It is good to buy on dips around $1861-62 with SL around $1850 for the TP of $18
