Ichimoku analysis (4- hour chart)
Tenken-Sen- $1728.03
Kijun-Sen- $1747
Gold is consolidating after a minor pullback above $1700.The strength in the US dollar index and US treasury yields are putting pressure on this pair. The US dollar index is holding above 93 levels, any breach above 93.20 confirms further bullishness. Markets eye US CPI for further direction.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index – Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
It is facing strong support at $1675 violation below confirms that the minor top has formed at $1916. A dip till $1600/$1550 is possible. On the higher side, near-term resistance is around $1750 and a convincing break above will take the yellow metal $1768/$1785/$1800 is possible.
It is good to sell on rallies around $1750 with SL around $1765 for TP of $1675.
