|   Technicals


  |   Technicals


FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4- hour Chart)


Tenken-Sen- $1791.78


Kijun-Sen- $1780.40


Gold price trades flat ahead of US CPI data. The yellow metal is supported by a weak US dollar and slight safe-haven demand due to geo-political tension between China and Taiwan. Economists predict slight easing in US CPI to 8.7% YOY from 9.1%.


According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep rose to 68.50% from 41% a week ago.


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)



The near–term support is around $1780, a breach below targets $1760/$1750/$1740. Significant reversal only below $1650. 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 $1770 with SL at around $1750 for TP of $1825.





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