FxWirePro: AUD/USD extends previous session's weakness, aussie shrugs off upbeat Australian Retail Sales data
FxWirePro- Gold Daily Outlook
Ichimoku analysis (Hourly chart)
Gold is consolidating after hitting a multi-month low of around $1707. The vaccine optimism and hopes of more fiscal stimulus have decreased the demand for safe-haven assets. The US 10- year yield declined after hitting a multi-month high. US dollar index halted its four days of the bullish trend and lost more than 50 pips.
Market eyes US ADP employment and ISM Services PMI for further direction.
It is facing strong support at $1720, violation below targets $1700/$1660/$1637. On the higher side, near-term resistance is around $1745, any indicative break above that level will take till $1760/$1779/$1800.
It is good to sell on rallies around $1728-30 with SL around $1750 for the TP of $1650.