FxWirePro- Gold Daily outlook

Ichimoku Analysis (4-Hour chart)

Tenken-Sen- $1802.68

Kijun-Sen- $1795.60

Gold regained above $1800 as the US dollar tumbles after weak US ADP employment data. The number of private jobs dropped -301k in Jan, worse than the forecast of 185K. Markets eye ECB and BOE monetary policy for further direction. The US dollar index declined for the fourth consecutive day after hitting a multi-week high at 97.44.  Any breach below 95.80 confirms bearish continuation. Gold hits a high of $1810.85 yesterday and is currently trading around $1806.72.

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 $1810, 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.