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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $1996.60
Kijun-Sen- $2015.40
Gold prices trades weak for the past ten days despite the weak US dollar. It hits a low of $1981.25 and is currently trading around $2002.90. The yellow metal lost its shine in hopes of a 25 bpbs rate hike.
US dollar index-Bearish. Minor support around 100.75/100. The near-term resistance is 101.60/102.15.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in May increased to 81.7% from 72.9% a week ago.
The US 10-year yield gained more than 10% from a low of 3.25%. The US 10 and 2-year spread narrowed to -62% from -108%.
Factors to watch for gold price action-
Global stock market- bullish (negative for gold)
US dollar index - Bearish (positive for gold)
US10-year bond yield- bullish (Negative for gold)
Technical:
The near–term support is around $1980, a break below targets of $1969/$1955.The yellow metal faces minor resistance around $2020; a breach above will take it to the next level of $2050/$2070.
It is good to buy on dips around $1980 with SL around $1960 for TP of $2040/$2070.
