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Gold trades higher amid upbeat market mood, good to buy on dips
Ichimoku Analysis (4-hour Chart)
Gold has once surged past $1900 on the weak US dollar. The upbeat market sentiment due to hopes of a fresh US stimulus package, corona vaccine optimism. US dollar index is trading below 93.50 level, a dip till 92.77/92.50. The number of people who filed for unemployment benefits drifted slightly lower to 840000 for the week ended Oct 3 compared to a forecast of 820000. The yellow metal hits an intraday high of $1912.75 and is currently trading around $1910.
The yellow metal is facing strong resistance at $1920. Any indicative violation above will take to the next level till $1940/$1975. The near term support is around $1860, an indicative break below $1848 will take the commodity till $1825/$1800.
It is good to buy on dips at around $1880 with SL around $1860 for the TP of $1950.