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FxWirePro- Gold Daily Outlook
Ichimoku analysis (Daily chart)
Gold continues to trade weak and hits the lowest level since June 2020 on strong US dollar index and surging yield. DXY is holding well above 92 levels, a jump till 92.73-92.91 (200- day EMA and MA) is possible. The minor jump in US indices is also putting pressure on the yellow metal at higher levels. The US 10-year bond yield jumped more than 17% this month.
It is facing strong resistance at $1715 (7- day EMA), violation above targets $1745/$1760$1645 (161.8%)/$1637. On the higher side, near-term support is around $1675, any indicative break below that level will take the pair to $1650/$1637.
It is good to sell on rallies around $1701-02 with SL around $1720 for the TP of $16