Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1933.18
Kijun-Sen- $1918.50
Gold holds above the $1900 level despite the strong US dollar. Fears over Russia's attack on Europe's largest nuclear power plant in Ukraine have increased demand for safe-haven assets. Markets eye Russia and Ukraine peace talks. Gold hits a high of $1948 yesterday and is currently trading around $1922.26.
US ISM services PMI slowed to 56.5 in Feb., compared to forecast 61.2. Major data to be watched today US Non-Farm payroll.
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 $1878, violation below targets $1857/$1838. Significant reversal only below $1750.The yellow metal faces strong resistance of $1952, any violation above will take to the next level $1960/$1980.
It is good to buy on dips for $1900 with SL around $1880 for TP of $1960.
