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FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour chart)

 

Tenken-Sen- $1821.50

 

Kijun-Sen- $1805.45

 Gold regained sharply on the weak US dollar. The US dollar index lost more than 50 pips after US CPI data. The yearly inflation surged by 7%, the highest level since June 1982. Markets eye US PPI data today for further direction. Gold hits an intraday high of $1828.21 and is currently trading around $1825.42.

 

Factors to watch for gold price action-

 

 Global stock market- Bearish (Positive for gold)

 

US dollar index –Bearish (positive for gold)

 

US10-year bond yield- Bullish (Negative for gold)

Technical:

The near–term support is around $1815, violation below targets $1800/$1780. Significant reversal only below $1750.The yellow metal facing strong resistance $1835, any violation above will take to the next level $1860/$1877/$1912 is possible.

 

It is good to buy on dips around $1810-11 with SL around $1800 for TP of $1860.       

 

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