Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1972.77
Kijun-Sen- $1958.29
Gold halted its four weeks of a bullish trend on improved market sentiment. The yellow metal showed a massive rally this month and jumped more than $100 on geopolitical tension between Russia and Ukraine. The surge in oil price will increase inflation further supporting precious metals. Gold hits an intraday low of $1981 and is currently trading around $1988.70.
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- Bearish (positive for gold)
Technical:
The near–term support is around $1960, violation below targets $1950/$1922. Significant reversal only below $1875.The yellow metal faces strong resistance of $2000, any violation above will take to the next level $2015/$2050.
It is good to buy on dips for $1965-67 with SL around $1950 for TP of $2050.
