Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1700
Kijun-Sen- $1657
Gold is trading in a narrow range between $1661 and $1747 for past 2-weeks. The major sell-off in global stock markets is supporting gold at lower levels. U.S markets especially, S&P500 lost more than 2.5% on weaker than expected US ISM manufacturing data. It came at 41.5, 11-year low vs forecast of 36.7.
On the flip side, the near term significant support is around $1660 and any violation below will drag the gold down till $1631/$1600.
The immediate resistance is around $1740, any indicative break beyond targets $1760/$1799.
It is good to sell on rallies around $1718-20 with SL around $1740 for the TP of $1660.
