Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1925.41
Kijun-Sen- $1895
Gold showed a minor pullback on Russia and Ukraine tension. Ukraine has rejected Russia's demand to surrender port city Mariupol. The yellow metal was one of the worst performers the previous week on improved market sentiment that hampered demand for safe-haven assets. Gold hits a high of $1928.77 at the time of writing and is currently trading around $1927.94.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index –Bearish (positive for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1918, violation below targets $1895/$1877/$1850/$1800. Significant reversal only below $1750.The yellow metal faces strong resistance of $1950, any violation above will take to the next level $1960/$1977/$2000/$2020.
It is good to buy on dips around $1920-21 with SL around $1895 for TP of $2000.
