Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $1724
Kijun-Sen- $1705
Gold has recovered sharply after the dovish Fed monetary policy. The central bank has kept its rates unchanged and most of the policymakers expect the same rates till the end of 2022. US bond yield lost more than 25% from a high of 0.86% after the Fed policy statement.
US Dollar Index – Bearish (Positive for Gold)
S&P500- bearish (positive for gold)
US Bond yield- weak (positive for gold)
Technical:
The yellow metal is facing strong resistance at $1745, any violation above will take the yellow metal till $1765. Significant trend continuation can be seen only if it surges past $1765, a jump till $1800 likely
The immediate support is around $1721, any indicative break beneath targets $1713/$1708/$1700.
It is good to buy on dips around $1720-21 SL around $1700 for the TP at $1765.
