Ichimoku Analysis (4 Hours)
Kijun-Sen- $1959
Tenken-Sen-$1950
The Gold is trading flat for the past 1- week between $1910 and $1992. The US dollar has lost more than 40 pips on mixed US economic data. The number of people filed for unemployment benefits declined to 88000 in the past week compared to a forecast of 955K. The US ISM services came at 56.9 vs estimate of 57. But sharp profit booking in US stock markets is supporting Market eyes US Non-Farm payroll data for further direction. It hits an intraday high of $1942 and is currently trading around $1936.65.
On the lower side, near term support is around $1900, and any violation below targets $1860. Significant selling only below $1860.
The near term resistance is around $2000, any indicative break beyond will take the commodity till $2015/$2075.
It is good to sell on rallies around $1975-78 with SL around $2000 for the TP of $1860.
