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FxWirePro: Gold breaks minor trend line resistance, jump till $1575 possible
Ichimoku Analysis (hourly chart)
Gold is trading slightly higher after hitting a low of $1535 on declining bond yield. The yellow metal was one of the worst performers this year after hitting a 6-year high on increasing demand for riskier assets. Global stock markets have halted its winning streak after a massive rally especially S&P futures have lost more than 0.5% on account of profit booking. Gold has broken minor trend line resistance after a long consolidation. It is currently trading around $1565.78.
US 10 year bond yield declined more than 3% from minor top 1.851%. The spread between US 10- year and 2 years has narrowed to 25.4 bps from 35.7 bps.
The near term resistance is around $1575, any break over targets $1588/$1600. On the flip side, the immediate support is at $1552 and any break will drag the gold down till $1548/$1543 likely.
It is good to buy on dips around $1561-62 with SL $1554 for the TP of $1574/$1582.