Ichimoku analysis (Hourly chart)
Tenken-Sen- $1876.95
Kijun-Sen- $1884
Gold has once again declined after hitting a high of $1900 on upbeat global market sentiment. US stocks hit a fresh all-time high after US President Trump signed a $900 billion stimulus bill. The spread of new stain of COVID across various countries and the Brexit deal is supporting the yellow metal at lower levels.
Technical:
It is facing strong resistance at $1900, minor bullishness only above that level. Surge beyond targets $1925/$1950.On the lower side, near term support is around $1870, any indicative break below that level will take till $1850/$1822.
It is good to buy on dips around $1872-74 with SL around $1855 for the TP of $1925/$1950.
