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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1774.69
Kijun-Sen- $1774.69
The gold price surged sharply yesterday as recession fears increased demand for safe-haven assets like gold. UK central bank hiked rates by 50 bpbs, the biggest increase in 27 years but warns of recession. According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep rose to 35.50% from 28% a week ago.
The number of people who have filed for unemployment benefits rose by 6000 to 260000 for the week ended July 30 compared to a forecast of 262000. Markets eye US NFP data for further direction.
Factors to watch for gold price action-
Global stock market- Mixed (neutral for gold)
US dollar index – Bearish (Positive for gold)
US10-year bond yield- Bearish (Positive for gold)
Technical:
The near–term support is around $1785, a breach below targets $1774/$1760/$1750.Significant reversal only below $1600. The yellow metal faces minor resistance around $1800, breach above will take it to the next level of $1820/$1840.
It is good to buy on dips for around $1750 with SL around $1735 for TP of $1800/$1820.
