Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $1938.26
Kijun-Sen- $1940.95
Gold lost its shine on easing geopolitical tension. Markets eye another round of peace talks for further direction. The surge in US treasury yields is putting pressure on the yellow metal at higher levels. It hits an intraday low of $1917 and is currently trading around $1921.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1918, violation below targets $1910/$1895/$1877/$1850/$1800. Significant reversal only below $1750.The yellow metal faces strong resistance of $1940, any breach above will take to the next level $1977/$2000/$2020.
It is good to sell on rallies around $1928-30 with SL around $1950 for TP of $1850.
