Ichimoku Analysis (4-hour Chart)
Kijun-Sen- $1889
Tenken-Sen-$1897
Gold is trading slightly weak on upbeat market sentiment. The global markets gained sharply on fresh stimulus package hopes, especially for the airline industry. The US Fed minutes clearly stated that there will not any interest rates hike until full employment reached. DXY is trading flat, any violation below 93.20 confirms bearish continuation. The yellow metal hits an intraday high of $1889 and is currently trading around $1888.
The yellow metal is facing strong resistance at $1920. Any indicative violation above will take to the next level till $1940/$1975. The near term support is around $1860, indicative break below $1848 will take the commodity till $1825/$1800.
It is good to buy on dips at around $1880 with SL around $1860 for the TP of $1950.
