Ichimoku Analysis (4-hour)
Tenken-Sen- $1922.45
Kijun-Sen- $1942
Gold declined more than $15 from a high of $1949.80. The yellow metal was one of the worst performers this week due to the hawkish rate hike by Fed. Russia and Ukraine war and talks between Biden and Xi weigh on market sentiment. Gold hits a high of $1926 at the time of writing and is currently trading around $1934.04.
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 $1925, violation below targets $1895/$1877/$1850/$1800. Significant reversal only below $1750.The yellow metal faces strong resistance of $1950, 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.
