Ichimoku Analysis (Daily Chart)
Tenken-Sen- $1969
Kijun-Sen- $1933
Gold trading weak in the previous week and lost more $200 from an all-time high on profit booking and surging US bond yield. The US economic data came mixed with better than expected jobless claims and slightly weak retail sales data. The US 10-year yield jumped more than 35% (highest weekly gain in 2 months). The real yield is at -0.94% from -1.08%.
US Dollar Index – Bearish (positive for yellow metal)
S&P500- Positive (negative for gold)
US Bond yield- positive (negative for gold)
Technical:
The yellow metal surged from a low of $1862, hits a high of $1966. It is currently trading around $1943.48.
The immediate support is around $1907, any indicative break below targets $1860/$1846/$1825/$1800. The near term resistance is at $1968 (50% fib), the violation above will take the commodity to next level $1995/2015.
It is good to sell on rallies around $1959-60 with SL $1975 for the TP of $1800.


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