Ichimoku analysis (Daily chart)
Tenken-Sen- $1812.82
Kijun-Sen- $1810
Gold rally fades after a minor pullback in US bond yields. The yellow metal lost more than $20 from a temporary top of $1825. It is holding well above $1800 as the spread of delta variant coronavirus has increased demand for safe-haven assets. Gold hits an intraday high of $1813.80 and is currently trading around $1812.32.
Factors to watch for gold price action-
Global stock market- Slightly bullish (negative for gold)
US dollar index – Bullish (negative for gold)
US10-year bond yield- weak (bullish for gold)
Technical:
It is facing strong support at $1805, violation below targets $1790/$1780/$1765. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1825 (200-day MA), any convincing break above will take the yellow metal $1860/$1900 is possible.
It is good to buy on dips around $1805-06 with SL around $1790 for the TP of $1850.
