FxWirePro: Gold Weekly Outlook

FxWirePro: Gold Weekly Outlook 

Ichimoku Analysis (Weekly Chart)

Kijun-Sen- $1940

Tenken-Sen-$1778

The gold is trading in a narrow range between $1973 and $1932 for the past one week. The slight weakness in the US dollar index is supporting prices at lower levels The US fed confirms in monetary poly meeting that interest rates until at least the end of 2023.  The US retail sales came at 0.7% slightly less than the forecast of 1.%. The number of people who filed for unemployment benefits declined by 33000 to 86000 in the week ended Sep 12th. The housing starts and building permits came much weak than the estimate. US dollar index continues to trade weak and any violation below 92.70 will drag till 92.40/91.50. It hits an intraday high of $1955 and is currently trading around $1952.53.

On the lower side, near term support is around $1930, and any violation below targets $1921/$1900. Significant selling only below $1860. A dip till $1780/$1670 is possible.

The near term resistance is around $1975, indicative break beyond will take the commodity till $1992/$2000/$2015.

It is good to buy on dips around $1925 with SL around $1900 for the TP of $1990.