Ichimoku Analysis (Daily Chart)
Kijun-Sen- $1903.70
Tenken-Sen-$1911
Gold is trading slightly weak on upbeat global sentiment. The US markets surged sharply especially, S&P500 surged more than 1.5% on hopes of fresh stimulus. DXY has shown a minor recovery till 93.24, violation past 92.50 confirms bearish continuation. Markets eye US CPI data for further direction. The yellow metal hits an intraday high of $1910 and is currently trading around $1912.50.
The yellow metal is facing strong resistance at $1933 (38.2% fib). Any indicative violation above will take to the next level till $1950/$1975/$2000. The near term support is around $1900, any indicative break below will take the commodity till $1880/$1860/$1848.
It is good to buy on dips at around $1880 with SL around $1859 for the TP of $1950/$1975.
