Ichimoku analysis (Daily chart)
Tenken-Sen- $1905
Kijun-Sen- $1858
Gold has shown a minor dip after hitting a high of $1955. Markets eagerly awaiting Georgia election results for further direction. The lockdown in London due to the new muted coronavirus has increased demand for safe-haven assets like gold. It is currently trading around $1940.
Economic data:
US ISM manufacturing PMI in December came at 60.7 compared to 56.60, the fastest pace since the pandemic.
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 $1920-21 with SL around $1885 for the TP of $1960.
