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FxWirePro: USD/JPY slips below 109 handle as Japan looks set to extend and expand the state of emergency
Gold trades higher amid upbeat market mood, good to buy on dips
Ichimoku Analysis (4-hour Chart)
Gold has once surged past $1900 on the weak US dollar. The upbeat market sentiment due to hopes of a fresh US stimulus package, corona vaccine optimism. US dollar index is trading below 93.50 level, a dip till 92.77/92.50. The number of people who filed for unemployment benefits drifted slightly lower to 840000 for the week ended Oct 3 compared to a forecast of 820000. The yellow metal hits an intraday high of $1912.75 and is currently trading around $1910.
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, an 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.