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Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1841.44
Kijun-Sen- $1812.22
Gold performed well the previous week on geopolitical tension. The chance of Russia attacking Ukraine has increased demand for safe-haven assets like the gold, yen. Markets eagerly await the Biden-Putin meeting, provided Russia does not invade Ukraine. The minor sell-off in the US 10-year yield supports the yellow metal at lower levels. Gold hits a high of $1908 and is currently trading around $1896.
Headline US PPI for Jan accelerated to 9.7 YoY vs. 9.1 expected. US retail sales rose 3.8% in Jan compared to a forecast of 2.1%.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index –Bearish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1875, violation below targets $1858/$1840. Significant reversal only below $1750.The yellow metal faces strong resistance of $1920, any violation above will take to the next level $1935/$1960.
It is good to buy on dips for $1880 with SL around $1870 for TP of $1930.
