Ichimoku Analysis (4 Hours)
Kijun-Sen- $1959
Tenken-Sen-$1950
The Gold continues o trade in a narrow range between $1910 and $1992 for the past 1-week. The dovish fed and weak US economic data are putting pressure on the US dollar index. The US economy has added 428K private jobs in Aug compared to an estimate of 1250K. Markets eye US ISM services index and jobless claims data for further direction. It hits an intraday low of $1936 and is currently trading around $1932.
On the lower side, near term support is around $1900, and any violation below targets $1860. Significant selling only below $1860.
The near term resistance is around $2000, any indicative break beyond will take the commodity till $2015/$2075.
It is good to sell on rallies around $1975-78 with SL around $2000 for the TP of $1860.
