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Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $1872.25
Kijun-Sen- $1880.55
Gold trades weak despite the correction in US dollar and treasury yields. The surge in inflation has forced major central banks to hike rates. The current bullishness in the US dollar dragging the yellow metal from higher levels. USD dollar index hits the highest level since Jan 2017 as markets eye aggressive rate hike by Fed. It hits an intraday low of $1853.05 and is currently trading around $1863.45.
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 $1850, a breach below targets $1800/$1750. Significant reversal only below $1750.The yellow metal faces strong resistance of $1870, any breach above will take to the next level $1900/$1920.
It is good to sell on rallies around $1900 with SL around $1920 for TP of $1800.
