Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1859.48
Kijun-Sen- $1850.24
Gold is trading higher for the third consecutive week and surged nearly $100 on Russia and Ukraine's geopolitical tension. Russia continues to move troops to the border of Ukraine has increased fears of the marketplace. The demand for safe-haven assets like gold supports the yellow metal at lower prices. Gold hits a high of $1879.58 and is currently trading around $1877.98.
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 $1860, violation below targets $1840/$1830/$1818. Significant reversal only below $1750.The yellow metal faces strong resistance of $1880, any violation above will take to the next level $1900/$1912/1925 is possible.
It is good to buy on dips for $1840 with SL around $1820 for TP of $1900.
