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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1920.88
Kijun-Sen- $1923.92
Gold prices traded weak for the second month and lost more than $170. ECB president Lagarde and Fed Chairman Powell hinted that the central bank will continue to hike rates to tackle inflation. The US dollar index gained momentum after upbeat US economic data. years. It hits an intraday low of $1902.85 and currently trading around $1905.
Major economic data for the day
US Final GDP q/q (12:30 pm GMT)
Unemployment claims (12:30 pm GMT)
US dollar index- Bullish. Minor support around 102.80/102. The near-term resistance is 103.20/103.85.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 81.8% from 74.40% a day ago.
The US 10-year yield is trading flat despite hawkish comments from the Fed chairman. The US 10 and 2-year spread widened to -100% from -94.8%.
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 $1900, a break below targets of $1878/$1868.The yellow metal faces minor resistance around $1937, and a breach above will take it to the next level of $1942/$1950/$1955.
It is good to sell on rallies around $1928-30 with SL around $1950 for TP of $1868.
