Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1929.68
Kijun-Sen- $1929.68
Gold regained after hitting a low of $1915.55 as crude continues to surge. Russia and Ukraine conflict has increased demand for safe-haven assets like gold and Swiss franc. The US 10-year yield hits a multi-year high on hawkish fed chairman comments. The yellow metal hits an intraday high of $1948.47 and is currently trading around $1938.37.
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 $1930, violation below targets $1910/$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 buy on dips around $1920-21 with SL around $1895 for TP of $2000.
