Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1928.06
Kijun-Sen- $1908.22
Gold lost its shine after upbeat US jobs data. US economy has added 43100 jobs in Mar compared to a forecast of 492K and the unemployment rate declined to 3.6% from 3.7%. The US 10-year yield recovered to 2.4195% after the data. The yellow metal hits an intraday low of $1918 and is currently trading around $1919.61.
US Fed's favorite measure PCE climbed 6.4% in the year through Feb, the fastest level since 1982.
Factors to watch for gold price action-
Global stock market- Flat (Neutral for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1918, violation below targets $1910/$1895/$1877/$1850/$1800. Significant reversal only below $1750.The yellow metal faces strong resistance of $1930, any breach above will take to the next level $1950/$1977/$2000/$2020.
It is good to sell on rallies around $1928-30 with SL around $1950 for TP of $1850.
