Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1946.09
Kijun-Sen- $1938.05
Gold gained above $1950 on rising crude oil prices. Russia and Ukraine war entered into fifth week and conflict has increased demand for safe-haven assets like gold and Swiss franc. The yellow metal hits a high of $1966 and is currently trading around $1961.18.
Orders for Durable goods slipped by 2.2% in Feb compared to the forecast of 0.5%. The number of people who have filed for unemployment benefits decreased by 28000 to 187000 in the week ended Mar 19th, the lowest level since 1969.
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 $1934, violation below targets $1918/$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 $1938-39 with SL around $1920 for TP of $2000.
