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FxWirePro: Gold Daily Outlook

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- $1855

 

Kijun-Sen- $1850

 

Gold continues to trade in a narrow range between $1839 and $1863 for the past two trading days. The minor trend reversal can happen only if it breaks above $1865. US dollar index has shown a sell-off after hitting a high of 90.72. Significant bullishness only above 91 levels. The US 10-year yield declined on short-covering and is currently trading above 1.12%.

 

Technical:

 It is facing strong support at $1817, violation below targets $1800/$1780/$1760.On the higher side, near term resistance is around $1863, any indicative break above that level will take till $1876/$1885/$1900.

 

It is good to sell on rallies around $1868-70 with SL around $1885 for the TP of $1760.

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