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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1874.74
Kijun-Sen- $1910.25
Gold trades flat after mixed opinions from Fed chairman Powell. He reiterated that inflation is slowing down, but highlighted that it would take a "significant period". He also mentioned that the central bank to hike the rate more than anticipated if inflation surges sharply. It hit a high of $1884 yesterday and is currently trading around $1882.
US dollar index- Bullish. Minor support around 101.50/100.80. The near-term resistance is 104/105.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in Feb rose to 93.7% from 82.40% a week ago.
The US 10-year yield traded higher for the second consecutive day. Any break and close above 3.63% confirm minor bullishness. The yield spread between 10 and 2-year widened to -81.30 basis points from -72.40 bpbs.
Factors to watch for gold price action-
Global stock market- bullish (negative for gold)
US dollar index – Bullish (Bearish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1860, a break below targets of $1845/1828/$1800. The yellow metal faces minor resistance around $1880, and a breach above will take it to the next level of $1900/$1925/$1950.
It is good to sell on rallies around $1900 with SL around $1925 for TP of $1800.
