FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4- Hour chart)

Tenken-Sen- $1959.18

Kijun-Sen- $1969.77

Gold prices trade flat ahead of US Fed monetary policy. It hits a high of $1965.70 yesterday and currently trading around $1964.32.

US Fed plans to hike rates by 25 bpbs and markets eye Powell's guidance for further direction.

US CB consumer confidence rose to 117 in July, compared to a forecast of 112.

Jul 26th, 2023, FOMC statement (6:00 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 -99.20% 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.