Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1807.96
Kijun-Sen- $1806.17
Gold gained more than $15 on inflation worries. The upbeat US nonfarm payroll has increased hopes of more rate hikes by Fed in the next meeting. The monetary policy tightening by major central banks prevents the yellow metal from further upside. Markets eye US CPI data on Thursday for further direction. Gold hits an intraday high of $1823.27 and is currently trading around $1821.88.
Factors to watch for gold price action-
Global stock market- Bearish (positive 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 faces 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.
