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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1919
Kijun-Sen- $1924.99
Gold tumbled yesterday, hitting four weeks low on the strong US dollar. Hawkish statements from Fed and ECB have increased the chance of aggressive rate hikes. According to the Fed watch tool, the probability for a 50 bpbs rate hike in May has increased to 97.6% from 89.3% a week ago. The yellow metal hits a low of $1891.50 yesterday and is currently trading around $1902.84.
Markets eye US initial jobless claims for further direction.
Factors to watch for gold price action-
Global stock market- Bearish ( positive for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1890, a breach below targets $1870/$1850. Significant reversal only below $1750.The yellow metal faces strong resistance of $1917, any breach above will take to the next level $1932/$1950/$1970.
It is good to sell on rallies around $1938-40 with SL around $1960 for TP of $1800.
