Ichimoku analysis (Daily chart)
Tenken-Sen- $1887.78
Kijun-Sen- $1891.67
Gold is trading in a narrow range between $1916 and $1859 for the past week despite weak US bond yields. With no further buying momentum, markets eye US CPI data for further direction. The US 10-year bond yield hits a five-week low and trading below 1.50%. The US dollar index is holding well above 90 levels. A jump till 90.60 is possible. Gold hits an intraday high of $1884 and is currently trading around $1886.19.
Technical:
It is facing strong support at $1880, violation below targets $1873/$1855/$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.
