Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1926.86
Kijun-Sen- $1919.20
Gold hits a fresh 8-month high as geopolitical tension intensifies. Russian President Putin has announced military operations in Donbas and explosions heard in Ukraine cities of Odesa, Kharkiv. The increase in demand for safe-haven assets is pushing the yellow metal higher. US 10-year yield lost more than 7% from yesterday's high of 2%. Gold hits a high of $1949 and is currently trading around $1939.52.
Markets eye US prelim GDP and Jobless claims for further direction.
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- Bearish (positive for gold)
Technical:
The near–term support is around $1920, violation below targets $1900/$1889/$1880. Significant reversal only below $1750.The yellow metal faces strong resistance of $1950, any violation above will take to the next level $1960/$1980.
It is good to buy on dips for $1900 with SL around $1880 for TP of $1960.
