FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-Hour chart)
 
Tenken-Sen- $1786.11
 
Kijun-Sen- $1781.02
 
Gold declined more than $30 due to profit booking. Markets eye US CPI and FOMC monetary policy for further direction. The yellow metal hits a low of $1777.65 and is currently trading around $1782.40.
 US dollar index- Bearish. Minor resistance around 105.50/106.20. The near-term support is at 104.80.
 According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Dec rose to 77% from 75.80% a week ago.
 
 The US 10-year yield gained more than 6. 5% from yesterday's low of 3.404%. The US 10 and 2-year spread widened to -77 basis points from -67 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 $1760, a break below targets of $1740$1720/$1700. The yellow metal faces minor resistance around $1820, breach above will take it to the next level of $1860/$1900.
 
 It is good to buy on dips around $1760 with SL around $1740 for TP of $1860.