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Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $1849.35
Kijun-Sen- $1870.97
Gold continues to trade weak and breaks significant support at $1850. The surge in the US dollar index and declining crude oil price put pressure on yellow metal at higher levels. Markets eye US CPI data today for further direction. Policy tightening by major central banks also giving a negative impact on gold. It hits an intraday low of $1853.05 and is currently trading around $1863.45.
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- Bullish (negative for gold)
Technical:
The near–term support is around $1830, a breach below targets $1800/$1750. Significant reversal only below $1750.The yellow metal faces strong resistance of $1870, any breach above will take to the next level $1900/$1920.
It is good to sell on rallies around $1847-48 with SL around $1885 for TP of $1750.
