Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1926.28
Kijun-Sen- $1932.75
Gold trades flat for the second consecutive day between $1939.57 and $1915.64. Markets eye US Fed meeting minutes for further direction. Any hawkish comments will drag the yellow metal further down. The yield curve inverted with US 2-year yield jumped sharply after the US jobs report. The yellow metal hits an intraday low of $1918 and is currently trading around $1919.61.
US Factory orders' dropped to -0.5% in Feb, the first time in 10 months.
Factors to watch for gold price action-
Global stock market- Flat (Neutral for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1915, violation below targets $1910/$1895/$1877/$1850/$1800. Significant reversal only below $1750.The yellow metal faces strong resistance of $1950, any breach above will take to the next level $1960/$1977/$2000/$2020.
It is good to sell on rallies around $1928-30 with SL around $1950 for TP of $1850.
