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FxWirePro: Gold trades weak as US dollar strengthens after US Fed, good to sell below $1900

Ichimoku Analysis (4-hour Chart)

 

Kijun-Sen- $1961.05

 

Tenken-Sen-$1955.45

 

The gold has declined sharply  $30 after not dovish Fed policy. The Fed has kept its rates unchanged and pledges to keep rates on hold till 2023 unless inflation exceeds 2%.  US dollar index surged nearly 80 pips, any violation above 94 confirms bullish continuation. It hits an intraday low of $1938 and is currently trading around $1940.04.

 

On the lower side, near term support is around $1937, and any violation below targets $1921/$1900. Significant selling only below $1860. A dip till $1780/$1670 is possible.

 

The near term resistance is around $1975, indicative break beyond will take the commodity till $1992/$2000/$2015.

 

It is good to sell below $1900 with SL around $1920 for the TP of $1860/$1780.

 

 

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