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Gold -
Ichimoku Analysis (Weekly chart)
Tenken-Sen- $2089.75
Kijun-Sen- $2002.84
Gold lost its shine after mixed US CPI data. It rose 0.40% m/m in Feb, compared to a forecast of 0.30%. The consumer price index came in at 3.2% y/y, slightly above the forecast of 3.1%. The yellow metal hit a low of $2150 yesterday and is currently trading around $2158.32.
Chart pattern- Bearish divergence (CCI(50) weekly chart)
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 99% from 96% a week ago.
US dollar index- Bearish. Minor support around 102.30/101.40. The near-term resistance is 103.20/104.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (Bullish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2150, a break below targets of $2145/$2120/$2100. The yellow metal faces minor resistance around $2200 and a breach above will take it to the next level of $2225/$2250.
It is good to sell on rallies around $2168-70 with SL around $2200 for TP of $2100.
