Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1841.99
Kijun-Sen- $1826.90
Gold has halted its bullish trend despite declining US treasury yields. The US 10-year yield lost more than 7% from a two-year high of 1.902%. The stock market sell-off and minor weakness in the US dollar also supported the yellow metal. Gold hits an intraday high of $1841.90 and is currently trading around $1841.95.
The number of people who have filed for unemployment benefits rise to 286 million last week, the highest level since Oct. The Philly Fed manufacturing index jumped to 23 in Jan compared to a forecast of 20.
Factors to watch for gold price action-
Global stock market- Bearish (Positive for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (Negative for gold)
Technical:
The near–term support is around $1825, violation below targets $1810/$1780/$1760/$1750. Significant reversal only below $1750.The yellow metal facing strong resistance $1860, any violation above will take to the next level $1877/$1912 is possible.
It is good to buy on dips around $1828-30 with SL around $1818 for TP of $1861.
