Ichimoku analysis (Daily chart)
Tenken-Sen- $1812
Kijun-Sen- $1838.82
Gold is consolidating in a narrow range of $1795 and $1770 for the past five days. The minor pullback in the US dollar is putting pressure on the yellow metal at higher levels. The decline in US 10-year bond yield also a factor preventing further upside. With no primary economic data in focus, markets eye US nonfarm payroll data on Friday for further upside.US dollar index should close above92 levels for further up move. Gold hits an intraday low of $1773.87 and is currently trading around $1774.86
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.
