Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1863.38
Kijun-Sen- $1850.29
Gold regained sharply on Russia and Ukraine's geopolitical tension. US, NATO says that Russia is building up troops near Ukraine. It has increased demand for safe-haven assets like gold. US retail sales rose 3.8% in Jan compared to a forecast of 2.1%. Markets eye US jobless claims and Philly fed manufacturing index for further direction. Gold hits a low of $1879.55 and is currently trading around $1875.85.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index –Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $1840, violation below targets $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 $1858-60 with SL around $1840 for TP of $1900.
