Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1819
Kijun-Sen- $1838
Gold is trading flat for the past six days between $1761 and $1795. The minor decline in the US dollar index is supporting the yellow metal. US durable goods orders climbed by 2.3% in May compared to a forecast of 2.9%. The orders rose 12 times in the past 13 months due to a surge in demand for civilian aircraft. DXY continues to trade below 92 levels. Any breach below 91.40 confirms bearish continuation. The US 10-year bond yields have formed a minor bottom around 1.354%, shown a minor pullback of more than 10%. Gold hits an intraday high of $1788 and is currently trading around $1777.
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/$1835/$1860 is possible.
It is good to sell on rallies around $1800-01 with SL around $1825 for the TP of $1700.
