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Ichimoku analysis (4-hours chart)
Tenken-Sen- $1806.27
Kijun-Sen- $1799.45
Gold regained above $1800 on minor US dollar weakness. Global commodity markets were trading flat on the Christmas holiday mood. Major movement can be seen only after New year. The easing of omicron virus concerns and tightening of monetary policy by major central banks are preventing the yellow metal from further upside. The US dollar index almost lost more than 50 pips from a high of 96.69 in subdued trade. It hits an intraday low of $1808.59 and is currently trading around $1810.21.
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- bearish (positive for gold)
Technical:
It faces strong support at $1800, 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 buy on dips around $1800 with SL around $1790 for TP of $1835.
