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FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour chart)

 

Tenken-Sen- $1972.77

 

Kijun-Sen- $1958.29

 

Gold halted its four weeks of a bullish trend on improved market sentiment. The yellow metal showed a massive rally this month and jumped more than $100 on geopolitical tension between Russia and Ukraine. The surge in oil price will increase inflation further supporting precious metals. Gold hits an intraday low of $1981 and is currently trading around $1988.70.

 

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 $1960, 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.         

 

 

 

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