Ichimoku analysis (Daily chart)
Tenken-Sen- $1849.75
Kijun-Sen- $1882
Gold hits 4-month low on hopes of US stimulus and vaccine optimism. The global stock market is surging sharply on upbeat market sentiment. US indices especially, Dow Jones hits 30000 for the first time. Short term trend is still on the weaker side as long as resistance $1900 holds. The US 10-year yield recovered nearly 10% after declining more than 15%.
Economic data:
US Conference Board Consumer confidence came at 96.1 in November compared to an estimate of 97.70.
Technical:
The intraday resistance to be watched is $1817, any violation above targets $1830/$1841/$1860.On the lower side, near term support is around $1796 (200- day MA) and any indicative break below that level will take till $1770/$1763.
It is good to sell on rallies around $1820-21 with SL around $1832 for the TP of $1765.
