Ichimoku Analysis (Daily Chart)
Kijun-Sen- $1928
Tenken-Sen-$1925
The gold continues to trade weak for 3rd consecutive days and declined more than $20 from an intraday high of $1905. The surge in the US dollar index is putting pressure on the yellow metals at a higher price.DXY has broken significant resistance 94 and jumped till 94.23. It hits a low of $1874 and is currently trading around $1876.
On the lower side, near term support are around $1860, and any violation below targets $1840/$1800. The near term resistance is around $1921, indicative break beyond will take the commodity till $1936/$1942/$1956.
It is good to sell on rallies around $1880-81 with SL around $1900 for the TP of $1800.
