FxWirePro- Gold Daily outlook

Ichimoku Analysis (4-Hour chart)

Tenken-Sen- $1790.35

Kijun-Sen- $1817.50

Gold regained after hitting a low of $1780 on US dollar weakness.  Asian markets remain subdued on the Chinese New year holidays.  Markets eagerly await three central banks meeting this week and US NFP data for further direction. The Australian central bank has kept its rates unchanged and ended the bond-buying program as inflation rises faster than anticipated. The US dollar index lost nearly 100 pips after hitting a multi-week high of 97.44. Gold hits an intraday high of $1799.93 and is currently trading around $1797.36.

Factors to watch for gold price action-

 Global stock market- Bullish (Negative for gold)

US dollar index –Bearish (positive for gold)

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

Technical:

The near–term support is around $1780, violation below targets $1770/$1750. Significant reversal only below $1750.The yellow metal facing strong resistance of $1800, any violation above will take to the next level $1810/$1835/$1860/$1877$1912 is possible.

It is good to sell on rallies for $1819-20 with SL around $1835 for TP of $1790.