FxWirePro- Gold Daily Outlook

Ichimoku analysis (4-Hours chart)

Tenken-Sen- $1785.37

Kijun-Sen- $1819.55

Gold is trading in a narrow range between $1782 and $1773 for the past three days. Markets await a new trigger for the yellow metal to go further upwards. The yellow metal lost its shine after hawkish comments from the Fed chairman. It hits a low of $1761 and shows a minor pullback on the spread of the Micron virus. The number of people who have filed for unemployment benefits declined to 184000 for the week ended Dec 4, the lowest level since Sep 6, 1969. DXY is holding above 96 levels. Any breach below 95.80 confirms intraday weakness. The yellow metal hits an intraday high of $1779.15 and is currently trading around $1778.02.

Factors to watch for gold price action-

 Global stock market- Bullish (Negative for gold)

US dollar index –Neutral (mixed 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.