Ichimoku analysis (Hourly Chart)
Tenken-Sen- $1838.76
Kijun-Sen- $ 1816.76
Gold has taken support near 200- H EMA and shown a minor jump till $1845 on weak US dollar. The short term trend is still neutral as long as resistance $1850 holds. The US 10-year recovered more than 22% from a minor bottom 0.99% is also putting pressure on the yellow metal. US dollar index continues to trade lower for fourth consecutive days; violation below 91 confirms further weakness.
Economic data:
US CPI 1:30 PM GMT
Fed Chairman Speech 7:00 PM GMT
Technical:
The yellow metal is facing strong resistance at $1850. Any violation above that level confirms minor bullishness, a jump till $1862/$1875 likely.
On the lower side, near term support is around $1830, any indicative break below that level will take till $1820/$1800/$1780.
It is good to buy on dips around $1832-33 with SL around $1818 for the TP of $1900.
