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Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1775.82
Kijun-Sen- $1756.75
Gold is trading higher for fourth days and surged more than $65 on COVID woes. The spread of delta variant cases has increased demand for safe-haven assets like yen and gold. The weak Chinese economic data also supporting the yellow metal at lower levels. The US dollar index has shown a minor pullback after a sell-off to 92.48 on Friday. The US 10-year bond yield declined below 1.25% after dismal US consumer confidence data. The Yellow metal hits an intraday high of $1788.80 and is currently trading around $1787. Market eyes US retail sales data for further direction.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index – Bearish (Positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The immediate resistance is around $1800 and a convincing break above will take the yellow metal $1835/$1860 is possible. It is facing strong support at $1770, violation below targets $1762/$1750.
It is good to buy on dips for around $1775-76 with SL around $1760 for TP of $1800.
