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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2025.79
Kijun-Sen- $1996.29
Gold hits a record high at $2070 on geopolitical tension. The war between Russia and Ukraine has increased the demand for safe-haven assets like Gold. The yellow metal gave of some of its gains due to profit booking and a minor pullback in the equity market. The surge in oil price on account of sanctions on Russia by the US and UK supports precious metals. Gold hits an intraday high of $2059 and is currently trading around $2054.50.
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 $2020, violation below targets $2000/$1960. Significant reversal only below $1875.The yellow metal faces strong resistance of $2075, any violation above will take to the next level $2100/$2150.
It is good to buy on dips for $2022-23 with SL around $2000 for TP of $2100.
