Ichimoku analysis (Daily chart)
Tenken-Sen- $1890
Kijun-Sen- $1836
Gold lost more than $50 after Upbeat US ADP employment data. The US private sector has added 978000 jobs in May much better than the forecast of 650K. The number of people who have filed for unemployment benefits declined to 385K for the week ended May 28 vs an estimate of 395K. US dollar index is holding above 90.50 and a jump till 91 is possible. The intraday trend is on the lower side as long as resistance $1900 holds. The US 10-year bond yield has shown a minor pullback which also putting pressure on the yellow metal. Markets eye US Non-Farm payroll data for further direction. Gold hits an intraday low of $1855 and is currently trading around $1869.75.
Technical:
It is facing strong support at $1845, violation below targets $1820/$1800. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1900, any convincing break above confirms bullish continuation. A jump to $1916/$1932 is possible.
It is good to buy on dips around $1872-73 with SL around $1860 for the TP of $1900.
