Ichimoku Analysis (Weekly Chart)
Kijun-Sen- $1961.95
Tenken-Sen-$1842
Gold is holding above $1900 despite returning of Donald Trump to the White House from Coronavirus. The global stock market surged sharply, especially S&P500 (1.4%) due to improved market sentiment. The weakness in the US dollar index is supporting the yellow metal hits an intraday high of $1914 and is currently trading around $1911.30.
The yellow metal is facing strong resistance at $1920. Any indicative violation above will take to the next level till $1940/$1975. The near term support is around $1860, indicative break below $1848 will take the commodity till $1825/$1800.
It is good to buy on dips at around $1880 with SL around $1860 for the TP of $1950.
