Gold Technical Analysis: Attempts to Breach $1800 Resistance

Looking ahead, it will be a crucial week for gold and financial markets in general as US inflation and retail sales data will be released. Early estimates put the Consumer Price Index at 7%, while retail sales will be flat at 0%.

On the other hand, stocks were on their way to their longest losing streak since September, as the prospects of rising interest rates and inflation destabilized global markets. Some companies' warnings about the negative effects of the Omicron coronavirus variant also soured sentiment. The S&P 500 fell for the fifth day in a row, as shares of giant companies such as Apple Inc. and Amazon.com Inc with more than 2 percent.

In the past three decades, there have been four distinct periods of Fed rate hikes. On average, technology, which has come under pressure amid prospects of faster price increases, is among the top-performing sectors during those cycles, and this week there will be Federal Reserve Chairman Jerome Powell's hearing at the Senate Banking Committee on Tuesday.

According to gold technical analysis: On the daily chart, the price of gold has returned to the neutral zone, and the tendency may be more to the downside if prices fall to the support levels of 1782 and 1775 dollars, respectively.

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