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FxWirePro: Gold Daily Outlook

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- $1838.37

 

Kijun-Sen- $1846.90

Gold has formed a triple bottom around $1831 in the hourly chart and shown a minor recovery. The yellow metal lost more than $30 on strong US dollar. DXY breaks significant resistance 91 levels after a long consolidation. The surge in US 10-year yield is also putting pressure on gold at higher levels. Markets eye US ADP employment and US ISM services PMI data for further direction.

Technical:

 It is facing strong support at $1830, violation below targets $1820/$1800.On the higher side, near term resistance is around $1850, any indicative break above that level will take till $1865/$1885.

 

It is good to sell on rallies around $1852-53 with SL around $1865 for the TP of $1802.

 

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