Ichimoku Analysis (4 Hour Chart)
Tenken-Sen- $1966
Kijun-Sen- $1970
Gold declined more than $50 on a strong US dollar after hitting a high of $2015. US Fed members "agreed that the ongoing public crisis would weigh heavily on economic activity, employment, and inflation in the near term. US dollar index recovered sharply nearly 100 pips to 93.10. The US 10-year yield surged slightly after Fed minutes and real yield is at -0.99% from -1.01% yesterday.
US Dollar Index – Bullish (negative for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- slightly positive (negative for gold)
Technical:
The yellow metal hits a low of $1924 and is currently trading around $1992.
The immediate support is around $1940, any indicative break below targets $1924/$1907. Minor weakness only if it breaks below $1907.The near term resistance is at $1970, the violation above will take the commodity to next level $2000/$2015.
It is good to sell on rallies around $1958-60 with SL $1975 for the TP of $1907.
