FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $1925.51

Kijun-Sen- $1912.23

Gold prices trade flat ahead of FOME Meeting minutes. Markets will examine what further actions will be taken by Fed this year. It hits a high of $1930.76   and currently trading around $1925.66.

 US dollar index- weak. Minor support around 101.80/101. The near-term resistance is 103.60/104.40.

According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 86.20% from 76.90% a week ago.

 The US 10-year yield consolidates in a narrow range due to the US holiday.  The US 10 and 2-year spread widened to -105% from -94.8%.

 Factors to watch for gold price action-

   Global stock market- bullish (negative for gold)

  US dollar index - mixed (neutral for gold)

  US10-year bond yield- Bullish (Bearish for gold)

Technical:

The near–term support is around $1920, a break below targets of $1890/$1878/$1868/$1850.The yellow metal faces minor resistance around $1936; 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 $1878.