FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $1960.61

Kijun-Sen- $1973.74

Gold prices showed a nice pullback from yesterday's low of $1949.The banking crisis and hopes of a rate pause by the Fed support the yellow metal at lower levels. It hits a high of $1975.19 and is currently trading around 1967.21.

US Conference Board consumer confidence improves to 104.20, compared to a forecast of 101. Richmond Fed manufacturing index improves to -5 vs. Expected -10.

Major economic data for the day

Mar 29th, 2023  US Pending home sales m/m (3 pm GMT).

US dollar index-Bearish. Minor support around 102.50/101.80. The near-term resistance is 103.40/104.20.

 According to the CME Fed watch tool, the probability of a no-rate hike in Mar decreased to 58.3% from 35.9% a week ago.

 The US 10-year yield surged more than 9% after forming a minor bottom of 3.287%. The US 10 and 2-year spread narrowed to -51.4% from -108%.

  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- bullish (negative for gold)

Technical:

The near–term support is around $1955, a break below targets of $1944/$1935/$1921/$1890.The yellow metal faces minor resistance around $1966, and a breach above will take it to the next level of $1980/$2010/$2020.

  It is good to buy on dips around $1936 with SL around $1920 for TP of $2000.