Ichimoku analysis (Daily chart)
Tenken-Sen- $1886
Kijun-Sen- $1840
Gold is trading flat after a minor pullback from the previous week's low of $1855. The weak US jobs data is putting pressure on the yellow metal. The US 10-year bond yield is trading weak for the third consecutive day and lost more than 5%. The US dollar index is consolidating in a narrow range between 89.66 and 90.62 for the past five days. Gold hits a high of $1903 and is currently trading around $1896.
Technical:
It is facing strong support at $1880, violation below targets $1870/$1860/$1840/$1820. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1912, any convincing break above confirms bullish continuation. A jump to $1932/$1950 is possible.
It is good to buy on dips around $1860 with SL around $1845 for the TP of $1900.
