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Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $1962.92
Kijun-Sen- $1953.48
Gold prices pared some of their gains on upbeat market sentiment. The US House of Representatives voted yesterday to raise the debt ceiling limit to avoid default. It hit a high of $1974.82 yesterday and is currently trading around $1964.
Major economic data for the day
US ADP Non-farm employment change (12:15 pm)
US ISM manufacturing PMI (2 pm)
US dollar index- Bullish. Minor support around 102.30/101.50. The near-term resistance is 104.40/105.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June decreased to 61% from 33.40% a day ago.
The US 10-year yield showed a 1.5% pullback ahead of the US Non-farm payroll. The US 10 and 2-year spread widened to -76% from -35%.
Factors to watch for gold price action-
Global stock market- bullish (negative for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bullish (Bearish for gold)
Technical:
The near–term support is around $1935, a break below targets of $1920/$1900.The yellow metal faces minor resistance around $1975, and a breach above will take it to the next level of $1970/$2000/$2020/$2040/$2070/$2100/$2150.
It is good to sell on rallies around $1974-75 with SL around $1988 for TP of $1920/$1900.
