Ichimoku analysis (Daily chart)
Tenken-Sen- $1888
Kijun-Sen- $1896
Gold is holding slightly above $1900 on the weak US dollar. The chance of Biden to win Presidential elections has increased after winning Wisconsin and Michigan. The Democrats lead 264 seats vs Republics 214. The number of private jobs added in Oct increased by 365K compared to the forecast of 650k, according to ADP. US dollar index lost more than 100 pips from a high of 94.30.
Technical:
In the daily chart, the yellow metal is facing strong support at $1888. Any break below will take the pair till $1880/$1870/$1860. On the higher side, near term resistance is around $1920 and any indicative break above that level will take the pair till $1933/$1950.
It is good to buy on dips around $1880 with SL around $1868 for the TP of $1933/$1940.
