FxWirePro- Gold Weekly Outlook

FxWirePro- Gold Weekly Outlook
Ichimoku analysis (Weekly chart)
Tenken-Sen- $1776
Kijun-Sen- $1821
Gold is trading in a narrow range for the past two weeks and waiting for a major event for further upside. The upbeat US economic data and successful vaccine rollout in the US are supporting the US dollar. US 10-year yield surged more than 5.5% after forming a minor bottom around 1.589%. US dollar index is holding above 200- day MA and a jump till 93.50 likely. 

Economic data:
US durable goods orders declined by 1.1% in February compared to a forecast of 0.7%, the first time since Apr 2020. The flash manufacturing PMI came at 59 vs an estimate of 59.6. Markets eye US initial jobless claims and final GDP data for further direction. US real GDP expanded at an annualized rate of 4.3% in Q4 vs a forecast of 4.1%. The number of people who have filed for unemployment has fallen to 684000 last week compared to a forecast of 727000.

Technical:
 It is facing strong support at $1717, violation below targets $1700/$1675. On the higher side, near-term resistance is around $1745, any indicative break above that level will take till $1760/$1783.
 
It is good to buy on dips around $1720-21 with SL around $1700 for the TP of $1760.