Ichimoku Analysis (Weekly Chart)
Kijun-Sen- $1949
Tenken-Sen-$1868
Gold was trading higher previous week on a significant sell-off in the US dollar. The upbeat market sentiment due to hopes of US fresh stimulus is putting pressure on the US dollar. The global stock market has shown a strong rebound, especially and S&P500 to retest all time 3588. The Fed minutes meeting clearly stated that there will not any interest rates hike until full employment reached. The yellow metal hits an intraday high of $1930 and is currently trading around $1929.35.
The yellow metal is facing strong resistance at $1960. Any indicative violation above will take to the next level till $1975/$200. The near term support is around $1860, any indicative break below $1848 will take the commodity till $1825/$1800.
It is good to buy on dips at around $1910-15 with SL around $1880 for the TP of $1960/$1975.
