Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1818
Kijun-Sen- $1798.57
Gold recovered more than $70 on US dollar weakness. DXY is trading well below the 91 levels for the first time since Apr 2018. The COVID-19 vaccine optimism and stimulus hopes have decreased demand for safe-haven assets. US economy has added 307000 private jobs in November compared to a forecast of 410K. The intraday trend is slightly bullish as long as support $1800 holds.
Technical:
The intraday resistance to be watched is $1846 (100-4H MA), any violation above targets $1861/$1877.On the lower side, near term support is around $1820 and any indicative break below that level will take till $1800/$1780/$1772.
It is good to buy on dips at around $1825 with SL around $1817 for the TP of $1875.
