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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1823.83
Kijun-Sen- $1833.88
Gold prices trade flat ahead of the US Nonfarm payroll. Economists have anticipated declining to 224000 in Feb from 517000 in January. The unemployment rate is expected to increase to 5.1% from 5% in Feb. Gold hits a high of $1835.68 and is currently trading around $1829.21.
The number of people who have filed for unemployment benefits rose to 211K for the week ended Mar 14th, compared to a forecast of 195K.
Major economic data today
US Nonfarm payroll (1:30 pm GMT)
US dollar index-Bullish. Minor support around 104.60/103.70. The near-term resistance is 106/107.
According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Mar declined to 63.1 from 78.6% a day ago.
The US 10-year yield lost more than 6.5% from a minor top of 4.08%. The US 10 and 2-year spread narrowed to 95.3% from -107%.
Factors to watch for gold price action-
Global stock market- bearish (Positive for gold)
US dollar index - Bullish (Negative for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $1800, a break below targets of $1788/$1748. The yellow metal faces minor resistance around $1822, and a breach above will take it to the next level of $1840/$1860/$1888/$1900.
It is good to sell on rallies around $1848-50 with SL around $1870 for TP of $1760/$1748.
