Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1984.29
Kijun-Sen- $1974.10
Gold lost its shine on the surge in the US dollar. The hawkish comments from Fed policymakers are pushing the US dollar index to a fresh year high. Russia's invasion of Ukraine supports the yellow metal at lower levels. . The yellow metal hits an intraday low of $1973 and is currently trading around $1974.35.
Factors to watch for gold price action-
Global stock market- Flat (Neutral for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1960, violation below targets $1950/1940. Significant reversal only below $1890. A dip to $1850/$1800 is possible. The yellow metal faces strong resistance of $2000, any breach above will take to the next level $2020/$2050.
It is good to buy on dips around $1970-71 with SL around $1950 for TP of $2020/$2050.
