Ichimoku analysis (Hourly chart)
Tenken-Sen- $1916
Kijun-Sen- $1910
Gold is trading higher and holding well above $1900 on weak US dollar. The demand for safe-haven assets has decreased on hopes of fresh US stimulus package before elections. DXY decline sharply and hits one week low. The US 10-year yield rose to 0.823%, more than 15% in past one week as budget gap will widen further.
Technical:
In the hourly chart, Gold is trading well below 200- MA at $1915. Any indicative close above will take the pair till $1933/1950. On the lower side, near term intraday support is around $1880 and any violation above that level will take the pair till $1860/$1848.
It is good to buy on dips around $1895-96 with SL around $1880 for the TP of $1920/$1933.
