FxWirePro- Gold Daily outlook

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.