FxWirePro- Gold Daily Outlook
Ichimoku analysis (4-hour chart)
Gold is holding below $1800 on a strong US dollar. The US dollar index hits a multi-year high at 96.93 and has shown a minor decline. US personal income jumped to 0.50% and headline PCE surged 5.0% YOY above expectations of 4.6%. US real GDP came at 2.1% in Q3 at annualized rate vs an estimate of 2.2%. Markets to trade flat ahead of US thanksgiving holiday. It hits a low of $1778 and is currently trading around $1792.26.
Factors to watch for gold price action-
Global stock market- Bullish (Negative for gold)
US dollar index –Bullish (Negative for gold)
US10-year bond yield- Bullish (Negative for gold)
It faces strong support at $1780, violation below targets $1770/$1758/$1740.Significant trend continuation only below $1675. The yellow metal facing strong resistance $1805, any breach above will take to the next level $1815/$1825/$1835/$1860 is possible.
It is good to sell on rallies around $1815-16 with SL around $1825 for TP of $1760.