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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1965.41
Kijun-Sen- $1973.74
Gold prices are trading in a narrow range between $1975 and $1955 for the past two days. The yellow metal declined from a fresh year high on an easing banking crisis and an increasing chance of one more rate hike by the Fed. It hits a low of $1935 and is currently trading around 1960.43.
US pending home sales rose 0.80% unexpectedly for a third month, compared to a forecast of -2.8%.
Major economic data for the day
Mar 30th, 2023 US Final GDP q/q (1:30 pm GMT).
Unemployment claims (1:30 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 increased to 54.1% from 50.1% a week ago.
The US 10-year yield surged nearly 10% after forming a minor bottom of 3.287%. The US 10 and 2-year spread narrowed to -53.6% 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.
