Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1817.108
Kijun-Sen- $1817.108
Gold is holding above $1800 on Safe-haven demand. The tension between Russia and Ukraine supports the yellow metal at lower levels. The hawkish European central bank and continuous rate hikes by the Bank of England prevent gold from further upside. Markets eye US CPI data for further direction. Gold hits an intraday high of $1815.40 and is currently trading around $1810.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index –Bearish (positive for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1780, violation below targets $1770/$1750. Significant reversal only below $1750.The yellow metal facing strong resistance of $1810, any violation above will take to the next level $1835/$1860/$1877$1912 is possible.
It is good to sell on rallies for $1819-20 with SL around $1835 for TP of $1790.
