Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1929.94
Kijun-Sen- $1932.76
Gold trades slightly lower after Fed meeting minutes. Us Fed plans to shrink its balance sheet by $95 billion per month. Many Fed members prefer 50 basis point rate hikes in the next Fed monetary policy. US 10-year yield spiked after Fed meeting minutes and hits its highest level since Apr 2019. The yellow metal hits an intraday low of $1920.93 and is currently trading around $1921.20.
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.
