Ichimoku analysis (4 Hourly chart)
Tenken-Sen- $1838
Kijun-Sen- $1823
Gold is trading higher on a weak US dollar. The yellow metal's short term trend is neutral as long as resistance $1868 holds. The chance of more stimulus has increased after Janet Yellen said the US must 'act big'. The US 10-year yield has lost more than 3% after Janet Yellen confirmed that tax cuts implemented in 2017 will be revoked. US dollar index's significant bullishness only if it breaks 91 levels.
Technical:
The yellow metal facing strong support at $1838, violation below targets $1830/$1823/$1818 (61.8% fib)/$1800.
Significant trend reversal only below $1800.On the higher side, near term resistance is around $1856, any indicative break above that level will take till $1867/$1874/$1880.
It is good to buy on dips around $18 with SL around $1800 for the TP of $1880.
