FxWirePro: AUD/USD extends gains above 0.75 handle, risk-on market mood and strength in commodity markets buoy Aussie
FxWirePro- Gold VS USDJPY VS US 10-year yield
Ichimoku analysis (4-Hour chart)
Gold is consolidating after hitting a low of $1740. The overall trend is still on the downside due to the strong US dollar. The factors dragging the gold prices are
The yen and gold are 90% positively correlated to each other. USDJPY breaks significant resistance 110.80 after a long consolidation and hits a multi-month high. The risk-on-mood has decreased demand for safe-haven assets like the yen.
US Dollar index-
DXY facing a hurdle at trend line resistance at 93.45, any breach above 93.45 confirms further bullishness.
US 10-year yield- It continues to trade higher for third consecutive weeks and major bullishness only above 1.629%.
The immediate resistance is around $1770 and a convincing break above will take the yellow metal $1787/$1800 if possible. It is facing strong support at $1740, violation below targets $1$1725.
It is good to sell on rallies around $1765-66 with SL around $1787 for TP of $1675.