Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $1808
Kijun-Sen- $1822.90
Gold regained above $1800 on the sell-off in the US dollar. The weak Empire state index showed a minor impact on the US dollar. It slumps to -11.6 in May compared to a forecast of 15.3. It hits a high of $1829.35 and is currently trading around $1823.50.
Markets eye US retail sales for further direction.
Factors to watch for gold price action-
Global stock market- bearish (positive for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1785, a breach below targets $1750. Significant reversal only below $1750. A dip to $1700/$1689 is possible. The yellow metal faces strong resistance of $1836, any breach above will take to the next level $1850/$1862/$1880.
It is good to sell on rallies around $1828-30 with SL around $1860 for TP of $1750/$1700.
