Ichimoku analysis (Hourly chart)
Tenken-Sen- $1888
Kijun-Sen- $1881.60
Gold continues to trade in a narrow range between $1849 to $1900 for the past four trading days. The COVID-19 vaccine optimism by Moderna Inc. The company has said that early data shows its vaccine nearly 95% effective in preventing COVID-19. The dollar index is trading weak and a dip till 92 is likely. The US 10-year yield jumped more than 5% on vaccine hopes.
Economic data:
Markets eye US retail sales data to be released today for further direction.
Technical:
In the hourly chart, Gold is facing strong resistance at $1898 (200 MA). Any break above will take the yellow metal till $1920/$1933. On the lower side, near term support is around $1860 and any indicative break below that level will take till $1848/$1830.
It is good to buy on dips around $1860 with SL around $1840 for the TP of $1950.
