Ichimoku analysis (Daily chart)
Tenken-Sen- $1932
Kijun-Sen- $1868
Gold jumped sharply more than $15 and hits a high of $1918 yesterday. The optimism of fresh US stimulus is dragging the US dollar index down. DXY continues to trade lower and lost more than 50 pips from minor top 93.90. Any violation above 94 confirms bullish continuation.
Markets eye final debate between US President and Joe Biden for further direction.
Technical:
In the hourly chart, Gold is trading well below 200- MA at $1915. Any indicative close above will take the pair till $1933/1950. On the lower side, near term intraday support is around $1880 and any violation above that level will take the pair till $1860/$1848.
It is good to buy on dips around $1895-96 with SL around $1880 for the TP of $1920/$1933.
