Ichimoku analysis (4-hour chart)
Tenken-Sen- $1778.95
Kijun-Sen- $1778.95
Gold recovered more than $30 from yesterday's low of $1761. Markets eye US non-farm payroll for further direction. The yellow metal gained after Fed said that inflation is transitory and no rush to raise interest rates. It has regained sharply above 94 levels and any surge past 94.50 confirms further bullishness. Gold hits an intraday low of $1779.54 and is currently trading around $1793.50.
Factors to watch for gold price action-
Global stock market- Slightly bullish (negative for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
It is facing strong support at $1780 violation below targets $1760/$1750$1740. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1815, any convincing break above will take the yellow metal $1835/$1850/$1860 is possible.
It is good to buy on dips around $1750 with SL around $1737 for TP of $1800.
