Ichimoku analysis (Daily chart)
Tenken-Sen- $1906
Kijun-Sen- $1906
Gold is trading higher and jumped more than$40 on the weak US dollar. Markets are awaiting election results of Georgia, Pennsylvania, and Nevada for further direction. US Fed has kept its rates unchanged and said that outlook for the economy remains uncertain. The number of people who filed for unemployment benefits rose to 751K compared to a forecast of 740000.US dollar index is trading well below 93 levels and a dip till 92 likely.
Technical:
In the daily chart, the yellow metal is facing strong support at $1920. Any break below will take the pair till $1900/$1880/$1870/$1860. On the higher side, near term resistance is around $1960 and any indicative break above that level will take the pair till $1975/$2000.
It is good to buy on dips around $1880 with SL around $1868 for the TP of $1933/$194
