Ichimoku Analysis (Daily Chart)
Kijun-Sen- $1949
Tenken-Sen-$1969
The gold is trading flat and struggling to close above Tenken-Sen. The yellow metal surged till $1966 on hawkish ECB statement. It has kept its rates on the main marginal refinancing operations and the marginal lending facility as expected. The number of people who filed for unemployment benefits in the US in the week of Aug 30th to Sep 5th increased to 884000 compared to a forecast of 838K. Continuing claims came at 13.85 million, a jump of 93000 from the previous week.
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 $1967, any indicative break beyond will take the commodity till $1992/$2000/$2015.
It is good to buy on dips around $1920-22 with SL around $1900 for the TP of $1974/$1991.
