Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2020
Kijun-Sen- $2000
Gold lost nearly $100 from its record high at $2070 on easing geopolitical tension. The market mood remains upbeat as Ukraine said that he is no longer insisting NATO on membership. Markets eye US CPI for further direction. The surge in the US treasury put pressure on the yellow metals at higher levels. Gold hits a low of $1971 and is currently trading around $1978.
Factors to watch for gold price action-
Global stock market- Bullish (Negative for gold)
US dollar index –Bearish (positive for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1960, violation below targets $1925/$1900. Significant reversal only below $1875.The yellow metal faces strong resistance of $2020, any violation above will take to the next level $2050/$2075.
It is good to sell on rallies around $2020 with SL around $2050 for TP of $1900.
