Ichimoku Analysis (Daily chart)
Tenken-Sen- $1502.25
Kijun-Sen- $1490.50
Gold continues to trade higher and jumped more than $25 US-Iran geopolitical tension. The US on Friday attacked Baghdad airport and Iranian Gen Qassem Soleimani killed. This has increased demand for Safe-haven assets like yen, gold.
US 10- year bond yield has lost more than 4.5% after hitting a high of 1.95%. The spread between US 10 and 2-year has slightly narrowed to 30 bps from 34 bps.
The pair is holding well above $1500 for 6th consecutive days and any break above $1555 confirms bullish continuation.
On the flip side, nearby significant support is around $1516 (5- day MA) and any violation underneath will drag the gold down till $1500/$1470.
It is good to buy on dips around $1515-18 with SL $1500 for the TP of $1555