FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour)

Tenken-Sen- $1936

Kijun-Sen- $1958

Gold continues to trade lower for fifth consecutive days and lost more than $80 ahead of Fed monetary policy. Fed fund futures shows that traders expect a 100% chance of a 25 bpbs rate hike in Mar meeting, 50 bpbs rate hike got reduced from 48% to 13% after Russia invaded Ukraine. Gold hits a low of $1907.07 and is currently trading around $1915.87.

US Producer rose 0.80% MoM in Feb compared to a forecast of 1.0%.

Factors to watch for gold price action-

 Global stock market- Bearish (positive  for gold)

US dollar index –Bullish (negative for gold)

US10-year bond yield- Bullish (negative for gold)

Technical:

The near–term support is around $1900, violation below targets $1877/$1850/$1800. Significant reversal only below $1750.The yellow metal faces strong resistance of $1945, any violation above will take to the next level $1960/$1977/$2000/$2020.

It is good to sell on rallies around $1929-30 with SL around $1950 for TP of $1880.