Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1867.50
Kijun-Sen- $1847.25
Gold showed a minor profit booking after hitting an 8-month high. The yellow metal holds above $1900 as US President Biden announced sanctions on Russia for beginning invasion of Ukraine. US 10-year yield inched higher by more than 5% putting pressure on precious metals. Gold hits a low of $1891 and is currently trading around $1896.77.
US conference board consumer confidence declined again in Feb to 110.50 from 111.10 the previous month.
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 $1875, violation below targets $1858/$1840. Significant reversal only below $1750.The yellow metal faces strong resistance of $1920, any violation above will take to the next level $1935/$1960.
It is good to buy on dips for $1880 with SL around $1870 for TP of $1930.
