Ichimoku analysis (4 Hour chart)
Tenken-Sen- $1883
Kijun-Sen- $1878
Gold has shown a minor jump of more than $10 from a low of $1871 on US dollar weakness. Market eyes US senate vote on $900 billion US stimulus package. The mood of the market improved further after the House of Representatives voted yesterday. US dollar index is trading below 90 levels, violation below 89.73 targets 89.
Technical:
It faces strong resistance at $1906 (trend line joining $2072 and $1960), minor bullishness only above that level. An indicative break beyond targets $1920 (161.8% fib)/$1933/$1938.On the lower side, near term support is around $1869, any indicative break below that level will take till $1864/$1860/$1850.
It is good to buy on dips around $1872-74 with SL around $1855 for the TP of $1925/$1950.
