FxWirePro- Gold Daily Chart

Ichimoku analysis (4-hour chart)

Tenken-Sen- $1778.35

Kijun-Sen- $1779.04

Gold is trading weak ahead of US Fed monetary policy.  The central bank expected to keep rates unchanged as expected.  Markets wait for US Fed commentary on speeding up of tapering as inflation ticks higher. US dollar index holds above 96.50 level, any breach above 97 confirms bullish continuation. It hits an intraday low of $1766 and is currently trading around $1770.

Economic data-

US PPI  m/m came at 0.8% last month compared to a forecast of 0.5%.

Factors to watch for gold price action-

 Global stock market- Bullish (Negative for gold)

US dollar index –Bullish (negative for gold)

US10-year bond yield- neutral (mixed for gold)

Technical:

It faces strong support at $1760, violation below targets $1750/$1740/$1700.Significant trend continuation only below $1675. The yellow metal facing strong resistance $1792, any violation above will take to the next level $1800/$1815/$1835/$1860/$1900 is possible.

It is good to sell on rallies around $1800-01 with SL around $1815 for TP of $1762/$1740.