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Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1817.20
Kijun-Sen- $1817.20
Gold struggles to close above $1800 despite the weak US dollar. The US dollar index declined for the third consecutive day after hitting a multi-week high at 97.44. US ISM manufacturing PMI for Jan came at 57.6 compared to a forecast of 57.40. Gold hits an intraday high of $1799.93 and is currently trading around $1798.39.
Markets eye US ADP employment change data today for further direction.
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- Bullish (negative for gold)
Technical:
The near–term support is around $1780, violation below targets $1770/$1750. Significant reversal only below $1750.The yellow metal facing strong resistance of $1810, any violation above will take to the next level $1835/$1860/$1877$1912 is possible.
It is good to sell on rallies for $1819-20 with SL around $1835 for TP of $1790.
