Ichimoku analysis (4-hour chart)
Tenken-Sen- $1803.15
Kijun-Sen- $1801.80
Gold pared some of its gains n the US session despite the weak US dollar. The US dollar has shown a minor sell-off after forming a temporary top around 93.19. Markets eye US Fed monetary policy tomorrow for further direction. The yellow metal has an intraday high of $1807 and is currently trading around $1806.10.
Economic data:
US Durable goods order - 12:30pm GMT
US CB Consumer confidence- 2pm GMT
Factors to watch for gold price action-
Global stock market- Slightly bullish (negative for gold)
US dollar index – Slightly bearish (positive for gold)
US10-year bond yield- Strong (negative for gold)
Technical:
It is facing strong support at $1790 violation below targets $1780/$1765. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1805, any convincing break above will take the yellow metal $1825/$1835/$1860/$1900 is possible.
It is good to sell on rallies around $1810-11 with SL around $1825 for TP of $1750.
