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Ichimoku analysis (4-hours chart)
Tenken-Sen- $1804.03
Kijun-Sen- $1804.89
Gold continues to trade lower on surge in US bond yield and jump in US index. The minor selling pressure in the US dollar index and cautious market mood due to the spread of omicron is supporting the yellow metal at lower levels. It hits an intraday low of $1797.50 and is currently trading around $1796.91.
Factors to watch for gold price action-
Global stock market- Bullish (Negative for gold)
US dollar index –Bearish (positive for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
It faces strong support at $1780, violation below targets $1770/$1760/$1750.Significant trend continuation only below $1675. The yellow metal facing strong resistance $1820, any violation above will take to the next level $1835/$1860/$1900 is possible.
It is good to sell on rallies around $1815-17 with SL around $1835 for TP of $1750.
