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Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1877
Kijun-Sen- $1848.09
Gold was one of the best performers and hits a 17-month high as the Ukraine crisis intensifies. The war between Russia and Ukraine continued for the 12th day and almost 1.5 million people evacuated from Ukraine. The failure of the second round of talks has increased demand for safe-haven assets. Gold hits an intraday high of $2001 and is currently trading around $1989.70.
US economy has added 678000 jobs in Feb compared to a forecast of 407000, while the unemployment rate fell from 4% to 3.9%.
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 $1968, violation below targets $1950/$1922. Significant reversal only below $1875.The yellow metal faces strong resistance of $2000, any violation above will take to the next level $2015/$2050.
It is good to buy on dips for $1965-67 with SL around $1950 for TP of $2050.
