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Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1911.58
Kijun-Sen- $1882.62
Gold prices gained sharply after global market jitters. Credit Suisse plummeted by over 20% yesterday as the banking crisis intensifies. Global stock markets stabilized after the Swiss national bank supported Credit Suisse by providing $54 billion. The US Producer price index fell 0.10% for Feb, below the estimate of 0.3%. US retail sales declined by 0.40% in Feb vs, the -0.30% expected. Gold hit a high of $1924.50 and is currently trading around $1914.45.
Major economic data for the day
Mar 15th, 2023 US Initial jobless claims (12:30 PM GMT)
US Philly fed manufacturing Index (12:30 GMT)
ECB monetary policy ( 12:30 pm GMT)
US dollar index-Bullish. Minor support around 103.50/102.50. The near-term resistance is 105.20/106.
According to the CME Fed watch tool, the probability of a no-rate hike in Mar increased to 33.6% from 0% a week ago.
The US 10-year yield pared some of its gains after a minor pullback. The US 10 and 2-year spread narrowed to 47% from -107%.
Factors to watch for gold price action-
Global stock market- bearish (Positive for gold)
US dollar index - Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $1880, a break below targets of $1860/$1840.The yellow metal faces minor resistance around $1920 and a breach above will take it to the next level of $1959/$2000.
It is good to buy on dips around $1870 with SL around $1850 for TP of $1920/$1959.
