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FxWirePro: Gold upside capped by 55-H EMA, good to buy on dips
Ichimoku Analysis (Daily Chart)
The gold continues to trade higher from a low of $1849 on a weak US dollar. US dollar index declined below 94 levels despite better than expected CB Consumer confidence. . It came at 101.80 for the month of Sep compared to a forecast of 90. Markets eye US ADP employment and final GDP data for further direction. The yellow metal surged till $1899 and is currently trading around $1887.
The yellow metal is facing strong resistance at $1904 (55-day EMA). Any violation above will take the commodity to 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 $1860 with SL around $1848 for the TP of $1950.