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Ichimoku Analysis (4- Hour chart)
Tenken-Sen- $1960.61
Kijun-Sen- $1970.42
Gold prices showed a minor pullback after a massive sell-off. It hits a low of $1953.30 and currently trading around $1962.03.
US July flash S&P manufacturing PMI slowed down to a five-month low at 49, compared to a forecast of 46.10.
Jul 25th, 2023, German Ifo business climate (12:30 pm GMT)
CB consumer confidence and Richmond manufacturing Index (2:00 pm GMT)
US dollar index- Bullish. Minor support around 100.60/99.50. The near-term resistance is 102/103.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 98.90% from 98% a week ago.
The US 10-year yield trades flat ahead of US-fed monetary policy. The US 10 and 2-year spread narrowed to -97.80% from -110%.
Factors to watch for gold price action-
Global stock market- bullish (negative for gold)
US dollar index - Bullish (bearish for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $1950, a break below targets of $1945/1930. The yellow metal faces minor resistance around $1965, and a breach above will take it to the next level of $1980/$2000.
It is good to buy on dips around $1950 with SL around $1938 for TP of $1990/$2000.
