FxWirePro- Gold Daily Outlook
Ichimoku analysis (Hourly chart)
Gold lost more than $30 from yesterday's high $1740 on surging bond yield. The US 10-year bond yield jumped more than 8% on improvements in the scale of vaccination. US President Biden said that by end of May every US adult will be vaccinated, two months earlier than expected. US dollar index is holding above 91 levels, any violation above 91.60 targets 92.
The number of private jobs added by 117000 in Feb compared to a forecast of 203k. The US SIM services came at 55.3 in Feb vs an estimate of 58.70.
It is facing strong support at $1700, violation below targets $1686/$1645 (161.8%)/$1637. On the higher side, near-term resistance is around $1720, any indicative break above that level will take till $1730/$1745/$1760.
It is good to sell on rallies around $1718-20 with SL around $1730 for the TP of $1645.