Ichimoku Analysis (1-hours Chart)
Tenken-Sen- $1688.
Kijun-Sen- $1695
Gold is trading in a narrow range between $1670 and $1713.70 for the past 5 days. The strong US dollar index and hopes of easing lockdown in major countries are dragging safe-haven demand. US private-sector jobs data shows that the US economy has lost 20.2 million jobs in Apr, worst since 2002.
On the flip side, the near term significant support is around $1670 (trend line support) and any violation below will drag the gold down till $1650/$1631/$1600.
The immediate resistance is around $1740 (high made on Apr 14th), any indicative break beyond targets $1760/$1799.
It is good to sell on rallies around $1702-05 with SL around $1720 for the TP of $1660.
