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  |   Technicals


FxWirePro- Gold Daily Chart

Ichimoku analysis (4-hours chart)


Tenken-Sen- $1812.20


Kijun-Sen- $1803.11


Gold declined once again after a jump above significant resistance of $1815.The overall trend of gold is neutral on holiday mood. The increases in Omicron coronavirus cases and declining US treasury yields are preventing the yellow metal from further sell-off. The US dollar index is holding above 96 levels in hopes of a rate hike by the Fed. It hits an intraday low of $1803.66 and is currently trading around $1803.61.

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- bearish (positive for gold)



It faces strong support at $1800, violation below targets $1770/$1750/$1740/$1700.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 buy on dips around $1800 with SL around $1790 for TP of $1835.


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