FxWirePro- Gold Daily Chart

Ichimoku analysis (4-hour chart)

Tenken-Sen- $1768.08

Kijun-Sen- $1772.40

Gold is trading weak after Fed monetary policy. The central bank has kept its rate unchanged and doubled the size of tapering from $15 billion per month to $30 billion per month.  Almost two-thirds of Fed members have projected two to three rate hikes in 2022.  The yellow metal declined to $1753 and is currently trading around $1781.56. US dollar index holds above 96.50 levels, any breach above 97 confirms bullish continuation.

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- bearish (positive for gold)

Technical:

It faces strong support at $1750, violation below targets $1740/$1700.Significant trend continuation only below $1675. The yellow metal facing strong resistance $1792, any violation above will take to the next level $1800/$1815/$1835/$1860/$1900 is possible.

It is good to buy on dips around $1762-63 with SL around $1750 for TP of $1815.