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FxWirePro: Gold Daily Outlook
Ichimoku Analysis (Hourly chart)
Gold is consolidating in a narrow range between $1536.13 and $1558 for the past two trading days. The retail sales climbed 0.3% last month in line with an estimate and the previous month was revised to 0.3%. Core retail sales m/m came at 0.7% Vs forecast 0.5% and Philly fed manufacturing index at 17 Vs 3.7. DXY jumped more than 25 pips for the day and is currently trading around 97.34.
US 10 year bond yield has halted its 5 days of weakness and jumped more than 2.5%. The spread between US 10 year and 2 years have slightly widened to 26 bps from 22.4 bps
The near term resistance is around $1575, any break over targets $1588/$1600. On the flip side, the immediate support at $1549 (200-H EMA) and any break will drag the gold down till $1536/$1520/$1500 likely.
It is good to sell on rallies around $1562-63 with SL $1574 for the TP of $1537/$1520.