FxWirepro: Gold Daily outlook
Ichimoku analysis (4-hour chart)
Tenken-Sen- $1759
Kijun-Sen- $1765
Gold is trading flat ahead of US CPI data. The yellow metal hits a high of $1781 after dismal US jobs data. The yellow metal pared its gains on strong US dollar and surging US Treasury yields. The US dollar index is trading in a narrow range between 94.44 and 93.67 for the past week. Any surge past 94.50 confirms further bullishness. Gold hits an intraday high of $1762.10 and is currently trading around $1762.37.
Factors to watch for gold price action-
Global stock market- mixed (neutral for gold)
US dollar index – Bullish (negative for gold)
US10-year bond yield- bullish (bearish for gold)
Technical:
It is facing strong support at $1750 violation below targets $1740/$1720. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1770, any convincing break above will take the yellow metal $/$1825/$1835/$1860/$1900 is possible.
It is good to sell on rallies around $1772 with SL around $1782 for TP of $1720.
