Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1820.38
Kijun-Sen- $1808.78
Gold recovered further despite US Fed rate hike expectations. The political tension between Russia and Ukraine is supporting the yellow metal at lower levels. The bond yields surge across the globe prevents gold from further upside. Markets eye US CPI data on Thursday for further direction. Gold hits an intraday high of $1828.76 and is currently trading around $1827.40.
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 $1815, violation below targets $1800/$1770/$1750. Significant reversal only below $1750.The yellow metal faces strong resistance of $1835, any violation above will take to the next level $1860/$1877/$1912 is possible.
It is good to sell on rallies for $1834-35 with SL around $1851 for TP of $1780.
