Ichimoku Analysis (Weekly Chart)
Kijun-Sen- $62
Tenken-Sen-$1824
The gold was one of the worst performers the previous week and lost more than $100 on a strong US dollar. The US economic data released the previous week came much better than expected. The Existing home sales jumped by 2.4% to 6 million units and hits a 14-year high. The number of people who have filed for unemployment benefits rose to 87000 compared to 845000. Markets eye US Non-Farm payroll data for further direction. The yellow metal declined till $1848 and is currently trading around $1862.88.
The yellow metal has taken support near 21 W MA at $1841. Any violation below will drag the commodity down to $1800/$1760 likely. The near term resistance is around $1900, indicative break beyond will take the commodity till $1921/$1936/$1942/$1956.
It is good to sell on rallies around $1869-70 with SL around $1880 for the TP of $1800/$1760.
