However, the gains remained subdued after the top US infectious disease official, Anthony Fauci, eased concerns related to the Omicron variant as he said that it did not look like there was a great degree of severity.

On the data front, at 18:30 GMT, the Revised Nonfarm Productivity fell to-5.2% against the projected -4.9% and supported the US dollar. The Revised Unit Labor Cost increased to 9.6% against the expected 8.3% and supported the US dollar. The Trade Balance remained flat at -67.1B. At 20:00 GMT, the IBD/TIPP Economic Optimism improved to 48.4 against the projected 45.8 and supported the US dollar. Most of the data released on Tuesday came in favor of the US dollar that kept the gains in gold prices limited for the day.The strength of the US dollar and the US Treasury Yields also capped further gains in the precious metal as the DXY reached 96.59 level after rising continuously for the five consecutive days, and the US Treasury Yields on the benchmark 10-year note also increased for the second day to reach 1.48%. Currently, the market participants are closely watching the inflation figures released next week.

Gold – A Technical Outlook; Quick Signal Update

Due to a shortage of high-impact events, the technical outlook for gold remained unchanged on Wednesday. On an hourly basis, gold has violated a symmetrical triangle pattern, which provided resistance at the 1,785 level. Now the same level is working as a support for [[gold]] .