Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1821.50
Kijun-Sen- $1805.45
Gold regained sharply on the weak US dollar. The US dollar index lost more than 50 pips after US CPI data. The yearly inflation surged by 7%, the highest level since June 1982. Markets eye US PPI data today for further direction. Gold hits an intraday high of $1828.21 and is currently trading around $1825.42.
Factors to watch for gold price action-
Global stock market- Bearish (Positive for gold)
US dollar index –Bearish (positive for gold)
US10-year bond yield- Bullish (Negative for gold)
Technical:
The near–term support is around $1815, violation below targets $1800/$1780. Significant reversal only below $1750.The yellow metal facing strong resistance $1835, any violation above will take to the next level $1860/$1877/$1912 is possible.
It is good to buy on dips around $1810-11 with SL around $1800 for TP of $1860.
