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Ichimoku analysis (4 Hour chart)
Tenken-Sen- $1738
Kijun-Sen- $1725
Gold recovered sharply more than $15 after the Fed policy statement. The Fed has kept its rates unchanged as expected and said that it is planning to keep rates on hold until the end of 2023. The central bank has upgraded 2021 GDP to 6.5% from 4.2%,core PCE forecast raised to 2.2% in 2021 from 1.8%. While the unemployment rate lowered to 4.5% in 2021 from 5%. US 10-year yield declined slightly after the dovish stance.
Economic data:
Markets eye US initial jobless claims and Philly fed manufacturing index for further direction.
Technical:
The yellow metal has broken significant resistance at $1745 after a long consolidation. It is facing strong resistance at $1760 any indicative break above that level will take till $1775/$1784/$1800. On the lower side, near-term support at $1740, violation below targets $1725/$1714/$1700/$1675.
It is good to buy on dips around $1745-46 with SL around $1735 for the TP of $1785.
