Gold price analysis: The bulls becomes more visible, gold climbs over the $1,800/oz

The market welcomes  2022 with good and bad news. Despite a significant increase of Omicron infection, the US stock market had a strong climb and got over the peak. On the contrary, China is still stuck with the "Zero Covid" plan and the consequences of the Evergrande that has just exploded.

Political tensions between the US/Europe and Russia at Ukraine's border have increased. In addition, Taiwan, which is considered a part of China, is becoming more alert when the US thinks that China can use the military to "rule" this huge island.

DXY Index - the US Dollar Index (US Dollar Index) continues to move sideways around 95.61 - 96.33. This week, the US Bureau of Labor Statistics will release Nonfarm-Payroll information which is the unemployment rate for the past month. Moreover, the meeting of the FOMC will also affect the US dollar and gold price also.

Moving average analysis MA

On the daily chart, all of the moving averages MA20/MA50/MA200 are gathered and made a flat. This shows that in the long term, gold is still making a sideways trend around $1,790/oz  – $1,830/oz.

On the 4-hour chart, both the moving averages MA20/MA50 crossed the MA200 and moved up. This uptrend started in mid-December and definitely dominated over the medium term.

On the 1-hour chart, the MA20 crossed the MA50. The MA20 also bond up strongly after touching the MA200, showing that the bulls are coming back.

In summary, the bulls become more visible in the short-term and mid-term. In the long-term, gold may "lay-up" at least a few weeks.

Fibonacci analysis

Resistance/support analysis

• The resistance are $1,865/oz and $1,850/oz.

• The supports at $1,800/oz and $1,770/oz.