Ichimoku analysis (Hourly chart)
Tenken-Sen- $1918
Kijun-Sen- $1908
Gold is holding well above $1900 and hits a multi-month high on UK lockdown. The surge in coronavirus in the UK has forced the Government to impose a strict lock down. It has increased demand for safe-haven assets like gold. Markets eyes Georgia run-off elections for further direction. The yellow metal hits a high of $1944 and is currently trading around $1940.
Economic data:
Significant data to be watched today are the US ISM manufacturing index for further direction.
Technical:
It is facing strong resistance at $1960, surge beyond targets $1975/$2000.On the lower side, near term support is around $1920, any indicative break below that level will take till $1900/$1888/$1855.
It is good to buy on dips at around $1900 with SL around $1885 for the TP of $1960.
