Ichimoku analysis (hourly chart)
Tenken-Sen- $1810
Kijun-Sen- $1811.95
Gold continues to trade in a narrow range after a more than $70 sell-off this week. The slight doubt on the Coronavirus vaccine and the US-China trade tension is supporting the yellow metal at lower levels. US dollar index is holding below 92 levels. Any violation below 91.74 confirms the bearish continuation. The surge in the number of deaths and new cases in the US might cap further downside in gold. Short term trend is still on the weaker side as long as resistance $1860 holds.
Technical:
The intraday resistance to be watched is $1815, any violation above targets $1826/$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 below $1800 with SL around $1815 for the TP of $1765.
