Ichimoku analysis (Daily chart)
Tenken-Sen- $1853
Kijun-Sen- $1860
Gold has lost more than 40 dollars after the hawkish Fed monetary policy. The central bank has kept its rates unchanged and upgraded its growth and inflation outlook. The Fed dot plot shows that there will be two rate hikes in 2023. The US 10-year bond yield surged more than 10% after the monetary policy. Gold hits an intraday high of $1866 and is currently trading around $1859.92.
Technical:
It is facing strong support at $1800, violation below targets $1790/$1754.Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1836, any convincing break above will take the yellow metal to $1861/$1875/$1900 is possible.
It is good to sell on rallies around $1855-57 with SL around $1875 for the TP of $1800.
