Ichimoku Analysis (Daily Chart)
Kijun-Sen- $1922
Tenken-Sen-$1763
The gold has recovered once again from a low of $1902 on the COVID-19 vaccine halt. The demand for risk aversion got dampened on news Astra Zeneca halted its clinical trial after participants fell ill. The jump in the US dollar index is putting pressure on the yellow metal at higher levels. It hits an intraday low of $1932.90 and is currently trading around $1929.10.
On the lower side, near term support is around $1900, and any violation below targets $1860. Significant selling only below $1860. A dip till $1780/$1670 is possible.
The near term resistance is around $1942 any indicative break beyond will take the commodity till $1958/$1976/$2000/$2015.
It is good to sell below $1900 with SL 1950 around $2000 for the TP of $1780/$1700.
