FxWirePro- Sell Gold on rallies
Ichimoku analysis (4-hours chart)
Gold is trading flat after a massive sell-off to $1762.Markets eye US Non-farm payroll for further direction. The US economy excepted to add 553000 jobs in November from 531000 the previous month. The minor pullback in the US dollar also putting pressure on the yellow metal at higher levels. The spread of Omicron across the globe will prevent gold from further decline. The yellow metal hits a low of $1761 yesterday and is currently trading around $1772.57.
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 (positive for gold)
It faces strong support at $1770, violation below targets $1760/$1740/$1700.Significant trend continuation only below $1675. The yellow metal facing strong resistance $1782, 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 $1765.