Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1687
Kijun-Sen- $1608
Gold declined sharply previous on surge in the global market and strong US dollar. U.S stock market jumped sharply especially NASDAQ hits all-time high on strong job data. The economy has added 2.5 million jobs in May, compared to forecast -8 million. Unemployment came at 13.4% slightly better than the estimate at 14.7%.
US Dollar Index – Bullish (negative for Gold)
S&P500- Bullish (negative for gold)
US Bond yield- strong (negative for gold)
Technicals:
The yellow metal has broken significant support $1690 and hits low of $1670. Any violation below $1670 will drag the yellow metal down till $1660/$1642 (100-day MA) likely.
The immediate resistance is around $1706, any indicative break beyond targets $1721/$1726/1745. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely.
It is good to sell on rallies around $1698-700 SL around $1715 for the TP at $1660/$1645.
