Gold was one of the worst performers from the second quarter of 2021 on a strong US dollar. The hopes of a Fed rate hike and easing coronavirus concerns have dragged the yellow metal prices. It hits a yearly low of $1675 and recovered on fear of the new Corona variant Omicron. The yellow metal price might decline next year due to
Due to tightening of policy from major central banks Fed and BOE.
Easing coronavirus concerns
Technical:
The near–term major support is around $1739 (trend line joining $1451 and $1675), violation below targets $1675.Significant trend reversal only below $1675. A dip till $1500/$1450.The yellow metal facing strong resistance $1815, any violation above will take to the next level $1835/$1860/$1877$1912 is possible.
It is good to sell on rallies around $1850-51 with SL around $1900 for TP of $1675.
