FxWirePro- Gold Daily outlook

Ichimoku Analysis (4-Hour chart)

Tenken-Sen- $1799.79

Kijun-Sen- $1797.47

Gold is holding above $1800 on US dollar weakness. The US dollar index lost its shine after hawkish ECB monetary policy. The central bank has kept its rates unchanged and to hike in Dec22 and Mar23. The hawkish surprise from the Bank of England also put pressure on yellow metal at higher levels. Markets eye US Non-farm payroll data for further direction. Gold hits an intraday high of $1807.85 and is currently trading around $1806.61.

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.