FxWirePro- Gold Weekly Chart
Ichimoku analysis (Weekly chart)
Gold is trading below $1800 for the second consecutive week. The minor weakness in US Non-farm payroll has prevented the yellow metal from further sell-off. The economy has added 210000 jobs in Nov compared to an estimate of 550000. The unemployment rate came at 4.2% from 4.6% the previous month. The US 10-year yield declined nearly 10% the previous week is supporting gold at lower levels. The yellow metal hits a low of $1761 the previous week and is currently trading around $1782.17.
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- Bearish (negative for gold)
It faces strong support at $1760, violation below targets $1740/$1700.Significant trend continuation only below $1675. The yellow metal facing strong resistance $1792, any violation above will take to the next level $1800/$1815/$1835/$1860/$1900 is possible.
It is good to sell on rallies around $1800-01 with SL around $1815 for TP of $1762/$1740.