FxWirePro: AUD/USD erases early gains on mixed Chinese data dump, risk-on sentiment to keep downside limited
FxWirePro: Gold trades weak on strong dollar, good to sell on rallies
Ichimoku Analysis (4-Hour Chart)
The gold has declined sharply more than $50 from a high of $1954 on the strong US dollar. The dollar gained after a rise in Coronavirus cases in London and Europe. DXY jumped till 93.78 from a low of 92.75 yesterday. Any break above 94 will take the index to next level till 94.85/95.50. It hits a low of $1880 and is currently trading around $1.
On the lower side, near term support is around $1880, and any violation below targets $1860. Significant selling only below $1860. A dip till $1780/$1670 is possible.
The near term resistance is around $1921, indicative break beyond will take the commodity till $1936/$1942/$1956.
It is good to sell on rallies around $1915-17 with SL around $1935 for the TP of $1860/$1800.