FxWirePro: Gold Daily Outlook

FxWirePro: Gold Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $1798.85

Kijun-Sen- $1800.50

Gold regained to $1800 ahead of US Fed monetary policy. The US 10- year yield retreat to 1.24% as investor eyes Fed's view on interest rates, inflation and growth. The yellow metal hits an intraday high of $1807.53 and is currently trading around $1804.79.

Economic data:

US Durable goods orders climbed 0.8% last month compared to a forecast of 2.1%. U.S consumer confidence surged to 129.1 in Jul, the highest level since Feb 2020.

Factors to watch for gold price action-

Global stock market- Slightly bearish (positive for gold)

US dollar index – Slightly bearish (positive for gold)

US10-year bond yield-  Strong (negative for gold)

Technical:

It is facing strong support at $1790 violation below targets $1780/$1765. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1805, any convincing break above will take the yellow metal $1825/$1835/$1860/$1900 is possible.

It is good to sell on rallies around $1810-11 with SL around $1825 for TP of $1750.