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Ichimoku Analysis (4- hour Chart)
Tenken-Sen- $1797.63
Kijun-Sen- $1786.48
Gold price gained sharply after weak CPI data. The inflation slowed from 9.1% YOY to 8.5% YoY, below expectations of 8.7%. US dollar index tumbled after soft CPI. Geopolitical tension between China and Taiwan also supports the yellow metal at lower levels.
According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep dropped to 42.5% from 68% 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- Bearish (positive for gold)
Technical:
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.
