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Ichimoku analysis (4-Hours chart)
Tenken-Sen- $1780.15
Kijun-Sen- $1774.25
Gold has shown a minor pullback on the weak US dollar. The easing of new Corona Omicron and hopes of tapering by the Fed is putting pressure on Yellow metal at higher levels. The US dollar index has shown a minor sell-off from a high of 96.59 as risk-on sentiment comes back. Any breach below 95.95 confirms further bearishness. The US 10-year yield pared some of its losses and gained more than 10% from a low of 1.33%. The yellow metal hits an intraday high of $1790.58 and is currently trading around $1789.23.
Factors to watch for gold price action-
Global stock market- Bullish (Negative for gold)
US dollar index –Bearish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
It faces strong support at $1772, violation below targets $1760/$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.
