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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $1959.13
Kijun-Sen- $1947
Gold prices gained sharply on weak US inflation. US CPI declined to 3% YoY in June, compared to a forecast of 3%. On a monthly basis, inflation dropped to 0.2% vs. the forecast of 0.30%. It hits an intraday high of $1961.75 and currently trading around $1961.29.
US dollar index- weak. Minor support around 100/98. The near-term resistance is 101/102.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 92.4% from 90.5% a week ago.
The US 10-year yield pared most of its after dismal US CPI. The US 10 and 2-year spread narrowed to -85% from -110%.
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- Bearish (positive for gold)
Technical:
The near–term support is around $1953, a break below targets of $1945/1930. The yellow metal faces minor resistance around $1970, and a breach above will take it to the next level of $1980/$2000.
It is good to buy on dips around $1955 with SL around $1945 for TP of $1990/$2000.
