Gold dips further on Tuesday, as renewed hawkish stance from Fed and optimism about debt ceiling deal improve risk sentiment and inflate dollar.
Fresh weakness eyes pivotal $1950 zone (lows of last Thu/Fri) and Fibo support at $1944 (50% retracement of $1809/$2080 rally), violation of which would add to reversal signals risk deeper fall towards targets at $1931 (100DMA) and $1926 (daily cloud base).
Weakening daily studies (rising negative momentum / daily Tenkan/Kijun-sen bear-cross) maintain near-term bearish outlook.
The price penetrated thick rising daily Ichimoku cloud and needs close within the cloud to confirm signal.
Strong resistance at $1975 (daily cloud top / former higher base) should cap upticks to keep bears in play.
Res: 1975; 1986; 1990; 2000.
Sup: 1951; 1944; 1931; 1926.
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