Ichimoku Analysis (Daily Chart)
Kijun-Sen- $1911
Tenken-Sen-$1920
The gold has shown a minor jump from a low of $1848 on minor weakness in the US dollar index. The number of people who have filed for unemployment benefits rose to 87000 compared to 845000.DXY has declined slightly after hitting a high of 94.59. The yellow metal surged till $1874 for the day and is currently trading around $1866.
The yellow metal has taken support near 100-day MA at $1843. Any violation below will drag the commodity down to $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 $1880-81 with SL around $1900 for the TP of $1800/$1760.
