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Ichimoku analysis (4 Hour chart)
Tenken-Sen- $1864.73
Kijun-Sen- $1859.13
Gold is trading weak on the strong US dollar. The US dollar index continues to trade higher for three consecutive weeks and hits the highest level since the 16-month high in hopes of a rate hike by the Fed in mid-2022. The yellow metal declined after hitting a five-month high at $1875 after US inflation hits a 30-year high. US retail sales rose 1.7% in Oct compared to the forecast of 1.4%. The easing trade war between US and China also put pressure on the yellow metal. Gold hits a low of $1851.84 and is currently trading around $1855.28.
Factors to watch for gold price action-
Global stock market- Slightly bullish (negative for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
It faces strong support at $1855, violation below targets $1840/$1820/$1798/$1780. Significant trend continuation only below $1675. The yellow metal facing strong resistance $1875, any breach above will take to the next level $1900/1915 is possible.
It is good to sell on rallies around $1870 with SL around $1880 for TP of $1800.
