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Ichimoku analysis (Weekly chart)
Tenken-Sen- $1808
Kijun-Sen- $1818
Gold has shown a minor recovery from a low of $1760 on US dollar weakness. The positive US economic data, hopes of more stimulus from the US, and declining Coronavirus cases have decreased demand for safe-haven assets. The jump 10-year yield hits the highest level since Mar 2020 fresh year high on inflation worries.
Economic data:
US retail sales rose 5.3% in Jan m/m, the highest jump in the seventh months. The data came much better than the estimate of 1.1%. The number of people who have filed for unemployment benefits rose to 861000 in the week ended Feb 13 compared to a forecast of 775K. US building permits rose by 10% while housing starts plunged by 6%.
Technical:
It is facing strong support at $1760, violation below targets $1740/$1720. On the higher side, near-term resistance is around $1800, any indicative break above that level will take till $1827/$1860.
It is good to sell on rallies around $1793-94 with SL around $1860 for the TP of $1785.
