Ichimoku analysis (Weekly chart)
Tenken-Sen- $1865
Kijun-Sen- $1919
Gold lost more than $100 on a strong US dollar. DXY regained sharply from a low of 89.20 as the US reported more than 300K daily cases on Friday. The massive recovery in the US 10-year yield also putting pressure on the yellow metal at higher levels.
Economic data:
US Nonfarm payroll came at -140K compared to a forecast of 60K, unemployment declined to 6.7% vs 6.8%.
Technical:
It is facing strong support at $1800, violation below targets $1760/$1720.On the higher side, near term resistance is around $1851, any indicative break above that level will take till $1863/$1876/$1885.
It is good to sell on rallies around $1868-70 with SL around $1885 for the TP of $1760.
