Ichimoku Analysis (Weekly Chart)
Kijun-Sen- $1922
Tenken-Sen-$1763
The gold is trading slightly weak for the past one week after forming a minor top around $2015. The US dollar recovered after upbeat US jobs data. The US economy has added 1371K jobs in Aug compared to an estimate of 1375K and the unemployment rate beats the street estimate at 8.4% vs 9.8%. The average hourly earnings rose 0.4% MoM and 4.7% over the last twelve months. It hits a low of $1916 previous week and is currently trading around $1935.57.
On the lower side, near term support is around $1900, and any violation below targets $1860. Significant selling only below $1860. A dip till $1780/$1670 is possible.
The near term resistance is around $1950 any indicative break beyond will take the commodity till $1976/$2000/$2015.
It is good to sell below $1900 with SL 1950 around $2000 for the TP of $1780/$1700.
