Gold is trading weak on the Strong US dollar index. It has regained sharply above 94 levels, any surge past 94.50 confirms further bullishness. Markets eye US Fed monetary policy for further direction. US Fed expected to announce the start of tapering of its massive asset purchases. Gold hits an intraday low of $1779.54 and is currently trading around $1781.03.
Factors to watch for gold price action-
Global stock market- Slightly bullish (negative for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bearish (positive for gold).
Technical:
It is facing strong support at $1772 violation below targets $1760/$1750$1740. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1815, any convincing break above will take the yellow metal $1835/$1850/$1860 is possible.
It is good to buy on dips around $1770-71 with SL around $1760 for TP of $1835.
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