FxWirePro- Gold Daily Outlook

Ichimoku analysis (Daily chart)

Tenken-Sen- $1777

Kijun-Sen- $1738

Gold is consolidating in a narrow range between $1756 and $1799 for the past four days. The minor pullback in the US dollar is putting pressure on the yellow metal at higher levels. DXY surged nearly 100 pips from a low of 90.42. The US 10-year yield has shown a minor recovery of more than 2.5% also preventing yellow metal from further upside.  The yellow metal hits a high of $1783 and is currently trading around $1781.23.

Economic data:

The factory orders rose 1.1% in May compared to -0.5% the previous month. Markets eye ADP employment and US ISM services PMI for further direction.          

Technical:

 It is facing strong support at $1769, violation below targets $1760/$1748. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1802, any indicative break above that level will take till $1821/$1832.

It is good to buy on dips around $1770 with SL around $1760 for the TP of $1802.