Ichimoku analysis (4-hour chart)
Tenken-Sen- $1786.95
Kijun-Sen- $1791.26
Gold has shown a minor pullback from a low of $1772 on declining US bond yields. Markets eye US Fed monetary policy for further direction. The October US ISM manufacturing index came at 60.8% higher than the forecast of 60.4%, a decrease of 0.3% from September. The US dollar index declined more than 50 pips after hitting a high of 94.22. Any breach below 93.75 confirms intraday bearishness. Gold hits an intraday low of $1794.71 and is currently trading around $1794.08.
Factors to watch for gold price action-
Global stock market- Slightly bullish (negative for gold)
US dollar index –Bearish (positive for gold)
US10-year bond yield- Bearish positive for gold)
Technical:
It is facing strong support at $1772 violation below targets $1760/$1750$1740. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1815, any convincing break above will take the yellow metal $1835/$1850/$1860 is possible.
It is good to buy on dips around $1770-71 with SL around $1760 for TP of $1835.
