FxWirePro- Gold Daily outlook
Ichimoku Analysis (4-hour chart)
Gold lost more than $30 after Fed monetary policy. The Fed has kept its rates unchanged at 0-0.25% and asset purchases to end in early Mar. Fed chairman mentioned clearly that the central bank expected to raise rates aggressively from the next Mar meeting. The US dollar and US 2-year yield raising together, with the 2-year yield hitting the highest level since Feb 2020. Gold hits a low of $1813.11 and is currently trading around $1815.
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)
The near–term support is around $1810, violation below targets $1800/$1770/$1750. Significant reversal only below $1750.The yellow metal facing strong resistance $1820, any violation above will take to the next level $1835/$1860/$1877$1912 is possible.
It is good to sell on rallies for $1819-20 with SL around $1835 for TP of $1790.