Ichimoku Analysis (1-hours Chart)
Tenken-Sen- $1706.
Kijun-Sen- $1700.81
Gold is trading in a narrow range between $1670 and $1713.70 for the past 4 days. The easing of lockdown in major countries is putting pressure on the yellow metal. US ISM services came at 41.8 in Apr from 52.5 in Mar, lowest level since Mar 2009.
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.
