FxWirePro- Gold Daily Outlook

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.