FxWirePro- Gold Daily Outlook
Ichimoku analysis (4-hour chart)
Gold declined sharply and hits the lowest level since May 17th, 2021. Markets eye US Fed monetary policy for further direction. The investor will focus on the statement of tapering of the bond-buying program. The minor pullback in the US dollar index also putting pressure on yellow metal at higher levels. The major economic data to be watched are US retail sales. The US bond yields surged slightly after the major sell-off to 1.43% after upbeat inflation data is preventing the yellow metal from further downside. Gold hits an intraday low of $1866 and is currently trading around $1865.02.
It is facing strong support at $1845, violation below targets $1835/$1820/$1790.Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1873, any convincing break above will take the yellow metal to $1882/$1903/$1916 is possible.
It is good to sell on rallies around $1875-76 with SL around $1900 for the TP of $1802.