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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1712.20
Kijun-Sen- $1718.80
Gold price trades flat despite the weak US dollar. US dollar index pared most of its gains made the previous week as an aggressive rate hike by Fed gets diminished. The yellow metal still facing selling pressure as major central banks expected to hike rates to tackle inflation. According to the CME Fed watch tool, the probability of a 100 bpbs rate hike in Jul rose to 33.2% from 29.1% a day ago.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index – Bearish (Positive for gold)
US10-year bond yield- Mixed (neutral for gold)
Technical:
The near–term support is around $1700, a breach below targets $1650/$1600. Significant reversal only below $1600. The yellow metal faces minor resistance around $1720, any breach above will take it to the next level of $1732/$1745/$1770.
It is good to sell on rallies around $1728-30 with SL around $1760 for TP of $1650.
