Ichimoku Analysis (Daily Chart)
Kijun-Sen- $1914
Tenken-Sen-$1931
The gold continues to trade weak and broken significant support $1860 on a strong US dollar. The surge in the US dollar index is putting pressure on the yellow metals at a higher price.DXY is holding well above 94 levels and hits a high of 94.49.
The yellow metal is trading well below $1860, this confirms further weakness. A dip till $1800/$1760 likely. The near term resistance is around $1900, indicative break beyond will take the commodity till $1921/$1936/$1942/$1956.
It is good to sell on rallies around $1860-61 with SL around $1882 for the TP of $1800/$1760.
