Ichimoku Analysis (1-hour Chart)
Kijun-Sen- $1949.90
Tenken-Sen-$1944.25
The gold has shown a minor recovery of more than $20 from a low of $1932 on the weak US dollar. The US economic data came mixed with positive jobless claims and weak housing data. The number of people who filed for unemployment benefits declined by 33000 to 86000 in the week ended Sep 12th. The housing starts and building permits came much weak than the estimate. US dollar index continues to trade weak and any violation below 92.70 will drag till 92.40/91.50. It hits an intraday high of $1955 and is currently trading around $1952.53.
On the lower side, near term support is around $1930, and any violation below targets $1921/$1900. Significant selling only below $1860. A dip till $1780/$1670 is possible.
The near term resistance is around $1975, indicative break beyond will take the commodity till $1992/$2000/$2015.
It is good to buy on dips around $1925 with SL around $1900 for the TP of $1990.
