Ichimoku Analysis (4-hour Chart)
Kijun-Sen- $1961.05
Tenken-Sen-$1955.45
The gold has declined sharply $30 after not dovish Fed policy. The Fed has kept its rates unchanged and pledges to keep rates on hold till 2023 unless inflation exceeds 2%. US dollar index surged nearly 80 pips, any violation above 94 confirms bullish continuation. It hits an intraday low of $1938 and is currently trading around $1940.04.
On the lower side, near term support is around $1937, 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 sell below $1900 with SL around $1920 for the TP of $1860/$1780.
