Ichimoku analysis (4-hour chart)
Tenken-Sen- $1847.82
Kijun-Sen- $1849.70
Gold's upside capped by 200-4H EMA and significant bullish trend continuation only above $1875. The surge in the US dollar index is putting pressure on the yellow metal at a higher price. US Real GDP rose to 4% much lower than the 33% increase in the third quarter. The number of people who have filed for unemployment benefits declined to 847000 in the week ended Jan 23rd vs a forecast of 860K. DXY recovered sharply, any bullish continuation only above 91 levels.
Technical:
It is facing strong support at $1830, violation below targets $1820/$1800.On the higher side, near term resistance is around $1855, any indicative break above that level will take till $1860/$1865/$1875/$1885/$1900.
It is good to sell on rallies around $1855 with SL around $1865 for the TP of $1800
