Ichimoku analysis (Daily chart)
Tenken-Sen- $1822
Kijun-Sen- $1865
Gold continues to trade higher for the third consecutive days on a weak US dollar. US dollar index hits a fresh 32-month low on vaccine optimism and hopes of fresh stimulus. US economic data came mixed with US ISM services index came at six months low in November at 55.9 vs estimate of 55.90. While the number of people filed for unemployment benefits declined to 712000 compared to a forecast of 775K. The intraday trend is slightly bullish as long as support $1800 holds. Markets eye US Non-Farm payroll data for further direction.
Technical:
The significant resistance to be watched is $1855.75 (21 day MA), any violation above targets $1861/$1877/$1886.On the lower side, near term support is around $1823 and any indicative break below that level will take till $1813/$1800/$1780/$1772.
It is good to buy on dips at around $1835-36 with SL around $1823 for the TP of $1875.
