FxWirePro: Gold Daily outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $1929.94

Kijun-Sen- $1926.42

Gold trades lower on a strong US dollar. The US dollar index gained on aggressive rate hike increase. The surge in US treasury yields also put pressure on the yellow metal. The yellow metal hits an intraday low of $1928 and is currently trading around $1928.20.

The number of people who have filed for unemployment benefits declined to 166000 last week vs. an estimate of 201K.

Factors to watch for gold price action-

 Global stock market- Flat (Neutral for gold)

US dollar index –Bullish (negative for gold)

US10-year bond yield- Bullish (negative for gold)

Technical:

The near–term support is around $1915, violation below targets $1910/$1895/$1877/$1850/$1800. Significant reversal only below $175z0.The yellow metal faces strong resistance of $1950, any breach above will take to the next level $1960/$1977/$2000/$2020.

It is good to sell on rallies around $1928-30 with SL around $1950 for TP of $1850.