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Ichimoku Analysis (4 hour chart)
Tenken-Sen- $1973.01
Kijun-Sen- $1972.09
Gold prices gained above $2000 as Fed plans for the rate pause. The central bank hiked rates by 25 bpbs and said one more 25 bpbs rate hike this year. Gold hit a high of $2003.36 and is currently trading around $1938.90.
The Swiss National Bank increased the rate by 50 bpbs to 1.5% despite Credit Suisse's turmoil. Bank of England hikes rates by 25bpbs to tackle inflation.
The number of people who have filed for unemployment benefits for the week ended Mar 18th dropped by 1000 to 191000.
Major economic data for the day
Mar 24th, 2023 US Durable goods orders m/m (12:30 pm GMT)
Mar 23rd, 2023 Flash and services Manufacturing PMI (1:45 pm GMT)
US dollar index-Bearish. Minor support around 103/102.50. The near-term resistance is 102/100.
According to the CME Fed watch tool, the probability of a no-rate hike in Mar increased to 68.3% from 54% a week ago.
The US 10-year yield pared most of its gains in the fed rate cut hopes. The US 10 and 2-year spread widened to 41.4 from -62%.
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 $1965, a break below targets of $1935/$1921/$1890.The yellow metal faces minor resistance around $2010, and a breach above will take it to the next level of $2010/$2020.
It is good to sell on rallies around $2000 with SL around $2015 for TP of $1935.
