Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1828.03
Kijun-Sen- $1814.08
Gold traded higher for fourth consecutive days and surged more than $25 this week on the weak US dollar. It edges lower yesterday on positive market sentiment. Any breach below 95.66 confirms bullish continuation. The minor sell-off in the US 10-year yield also supports the yellow metal at lower levels. Gold hits an intraday high of $1835.86 and is currently trading around $1834.04. Markets eye US CPI data for further direction.
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 $1825, violation below targets $1810/$1800/$1770/$1750. Significant reversal only below $1750.The yellow metal faces strong resistance of $1840, any violation above will take to the next level $1853/$1860/$1877/$1912 is possible.
It is good to sell on rallies for $1834-35 with SL around $1851 for TP of $1780.
