FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-Hour chart)
 
Tenken-Sen- $1657.47
 
Kijun-Sen- $1644.11

Gold pared some of its gains despite the weak US dollar. The upbeat US corporate earnings pushing US indices higher also put pressure on the yellow metal. Markets eye US major tech companies like Alphabet and Microsoft for further direction. It hits an intraday low of $1644 and is currently trading around $1650.77.
 
 The US 10-year yield declined more than 4% after hitting a multi-year high of 4.33%. The US 10 and 2-year spread narrowed to -30 basis points from -57 bpbs.
 
 According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Nov rose to 97.2% from 95.9% a week ago.
 
Factors to watch for gold price action-
 Global stock market- Bullish (Negative for gold)
 
US dollar index – Bullish (negative for gold)
 
US10-year bond yield- Bullish (negative for gold)
 
Technical:

The near–term support is around $1637, a close below targets of $$1620/$1600.The yellow metal faces minor resistance around $1670, the breach above will take it to the next level of $1685/ $1700/$1720/$1740/1760/$1800. Minor bullish continuation only if it breaks $1740.

 It is good to buy on dips around $1608-10 with SL around $1570 for TP of $1740.