Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1808.05
Kijun-Sen- $1809.14
Gold is holding below $1800 ahead of US Nonfarm payroll. The improvement in risk sentiment and surge in US treasury yields is putting pressure on the yellow metal. Markets eye US jobs data for further direction. Any upbeat data will increase hopes of a rate hike soon will be negative for the yellow metal. It hits a low of $1789 and is currently trading around $1786.
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 $1780, violation below targets $1770/$1750. Significant reversal only below $1750.The yellow metal facing strong resistance $1815, any violation above will take to the next level $1835/$1860/$1877$1912 is possible.
It is good to sell on rallies around $1815-16 with SL around $1832 for TP of $1760.
