FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4- Hour chart)

Tenken-Sen- $1749.39

Kijun-Sen- $1751.34

Gold showed a minor jump above $1750 on China worries. The demand for safe-haven assets increased amid civil unrest. The key factors for the gold movement are

US dollar index- Bullish. The index showed a minor pullback after hitting a low of 105.32.Minor resistance around 107.20/108. The near-term support is at 106/105.

US conference board consumer confidence declines to 100.20 in Nov compared to a forecast of 102.20. Markets eye US ADP employment and US prelim GDP for further direction.

According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Dec dropped to 67.5% from 75.8% a week ago.

 The US 10-year yield pared more than 1% after hitting a high of 3.761%. The US 10 and 2-year spread widened to -74 basis points from -57 bpbs.

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 $1730, a break below targets of $1720/$1700/$1680. The yellow metal faces minor resistance around $1760, breach above will take it to the next level of $1785/$1800.Minor bullish continuation only if it breaks $1803.

 It is good to buy on dips around $1748-50 with SL around $1730 for TP of $1800.