Ichimoku analysis (Daily chart)
Tenken-Sen- $1893
Kijun-Sen- $1896
Gold has shown a minor recovery from a low of $1881. Markets eagerly waiting for the verdict of US elections for further direction. According to Fox News, Democrats are slightly ahead of Republic with 227-210. Trump wins Florida, Texas, and Ohio, while Arizona goes to Biden. US dollar index lost more than 50 pips from a high of 94.30.
Technical:
In the daily chart, the yellow metal is facing strong support at $1860. Any break below will take the pair till $1848/$1830. On the higher side, near term resistance is around $1920 and any indicative break above that level will take the pair till $1933/$1950.
It is good to buy on dips around $1860-62 with SL around $1850 for the TP of $1920/$1933.
