Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1902.27
Kijun-Sen- $1899.47
Gold is holding slightly above the $1900 level for pat two days. With no buying force to break above $1916, markets eye US ADP employment and ISM services data for further direction. US dollar index is consolidating in a narrow range between 89.66 and 90.44 for the past three days. The intraday trend is on the higher side as long as support $1880 holds. The US 10-year bond yield is trading lower after a minor jump to 1.64%. Gold hits an intraday high of $1909.65 and is currently trading around $1904.
Technical:
It is facing strong support at $1880, violation below targets $1870/$1860/$1840/$1820. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1916, any convincing break above confirms bullish continuation. A jump to $1932/$1950 is possible.
It is good to buy on dips around $1872-73 with SL around $1860 for the TP of $1900.
