FxWirePro- Gold Daily Chart

Ichimoku analysis (4-hours chart)

Tenken-Sen- $1799.13

Kijun-Sen- $1783.45

Gold is trading below $1800 on monetary policy tightening. The rate hike expectation by the Fed and 0.015% interest rate hike by the Bank of England is weighing on the yellow metal.  It hits an intraday low of $1789.35 and is currently trading around $1791.25.

 The US dollar index declined slightly from a high of 96.69 despite Omicron concerns and rosining US treasury yields.  Any breach above 97 confirms further bullishness.

Factors to watch for gold price action-

 Global stock market- Bearish (Positive for gold)

US dollar index –Bullish (negative for gold)

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

Technical:

It faces strong support at $1780, violation below targets $1770/$1750/$1740/$1700.Significant trend continuation only below $1675. The yellow metal facing strong resistance $1815, any violation above will take to the next level $1835/$1860/$1900 is possible.

It is good to sell on rallies around $1801-02 with SL around $1815 for TP of $1760.