Ichimoku Analysis (4-hour)
Tenken-Sen- $1916.67
Kijun-Sen- $1947
Gold regained above $1900 after the US fed hikes rates by 25 bpbs as expected. The Federal Reserve Chairman's tone was hawkish and said that the economy can handle six more rate hikes. The updated dot plot showed that 12 Fed members predicted seven rate hikes in 2022. Gold hits a high of $1938 and is currently trading around $1936.75.
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- Bearish (positive for gold)
Technical:
The near–term support is around $1900, violation below targets $1877/$1850/$1800. Significant reversal only below $1750.The yellow metal faces strong resistance of $1945, any violation above will take to the next level $1960/$1977/$2000/$2020.
It is good to sell on rallies around $1958-60 with SL around $1982 for TP of $1880.
