Ichimoku analysis (Hourly chart)
Tenken-Sen- $1882.82
Kijun-Sen- $1880
Gold is trading higher for the third consecutive days and surged more than $50 on a weak dollar.DXY has broken significant support 90 and holding below that level. The chance of stimulus hopes before Christmas is supporting the yellow metal at lower levels.
Economic data:
The number of people who have filed for unemployment benefits surged by 885000 compared to a forecast of 817K.
Technical:
It is facing strong resistance at $1900 a surge beyond targets $1925/$1950.On the lower side, near term support is around $1856, any indicative break below that level will take till $1844/$1828.
It is good to buy on dips around $1870 with SL around $1860 for the TP of $1950.
