Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1774
Kijun-Sen- $1812
Gold has shown a minor pullback after a massive sell-off of more than $100 on strong US dollar. The US dollar index has formed almost a double top around 92.50. Any further trend continuation only above 92.50. The slight pullback of more than 10% in US 10-year bond yield is putting pressure on the yellow metal. Gold hits an intraday high of $1860 and is currently trading around $1864.34. Markets eye Fed Chairman Powell speech for further direction.
Technical:
It is facing strong support at $1760, violation below targets $1740/$1720/$1700.Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1800, any convincing break above will take the yellow metal to $1825/$1836/$1860 is possible.
It is good to sell on rallies around $1800-01 with SL around $1825 for the TP of $1700.
