FxWirePro: AUD/USD pauses 4-day winning streak, trades weaker on downbeat China GDP and Industrial Production data
FxWirePro- Gold Daily Outlook
Ichimoku analysis (Daily chart)
Gold continues to trade weak for the past three days and lost more than $50 on surging bond yield. The US 10-year bond yield jumped more than 7% after Powell's comment about inflation. The Fed Chairman said that there will be a temporary rise in inflation and failed to provide an update on operation twist. US dollar index breaks significant resistance 91.60, a jump till 92.50/92.85 likely.
The number of people who have filed for unemployment benefits rose to 745000 for the week ended Feb 27th compared to a forecast of 758K. Markets eye US Non-Farm payroll data for further direction.
It is facing strong support at $1685, violation below targets $1645 (161.8%)/$1637. On the higher side, near-term resistance is around $1700, any indicative break above that level will take till $1720/$1745/$1760.
It is good to sell on rallies around $1701-02 with SL around $1720 for the TP of $1645.