Ichimoku Analysis (1 Hour Chart)
Kijun-Sen- $1947
Tenken-Sen-$1935
The gold is trading flat and struggling to close above $1950 level. The yellow metal surged more than $40 from a low of $1906 on COVID -19 vaccine pessimism. Markets eye US initial jobless claims for further direction.US dollar index has lost more than 50 pips after forming a minor top around 93.66. Any trend continuation only above 94.
On the lower side, near term support is around $1900, and any violation below targets $1860. Significant selling only below $1860. A dip till $1780/$1670 is possible.
The near term resistance is around $1950, any indicative break beyond will take the commodity till $1958/$1976/$2000/$2015.
It is good to buy on dips around $1920-22 with SL around $1900 for the TP of $1974/$1991
