Ichimoku analysis (Hourly chart)
Tenken-Sen- $1854.30
Kijun-Sen- $1843.82
Gold is trading higher for 2nd consecutive days on the weak US dollar. US dollar index is trading well below 90.50 levels, any violation below 90.40 targets 90. Markets eye US congress stimulus package and Brexit talks for further direction. The surge in new coronavirus cases has crossed 72.8 million and deaths surged more than 1.62 million. The slight decline in the US 10 year is supporting yellow metal. DXY continues to trade below 91, violation below 90.40 confirms trend continuation.
Economic data:
Markets eye US retail sales, flash manufacturing PMI for further direction.
Technical:
It is facing strong resistance at $1860, surge beyond targets $1875/$1900.On the lower side, near term support is around $1844, any indicative break below that level will take till $1833.75/$1822.
It is good to buy on dips around $1840 with SL around $1828 for the TP of $1875.
