Ichimoku Analysis (4-hour chart)
Tenken-Sen- $181.05
Kijun-Sen- $1815.03
Gold continues to trade lower after hawkish FOMC meeting minutes. The Fed meeting minutes signaled for an earlier rate hike as expected. The 10-year yield hits 1-1/2 month at 1.71%, the highest level since October of last year. The spread of the omicron virus in the US is preventing the yellow metal from further sell-off. It hits a low of $1798 and is currently trading around $1803.75.
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:
The near–term major support is around $1790, violation below targets $1790/$1780/$1770.Significant trend reversal only below $1750.The yellow metal facing strong resistance $1815, any violation above will take to the next level $1835/$1860/$1877$1912 is possible.
It is good to sell on rallies around $1815-16 with SL around $1832 for TP of $1760.
