FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4- Hour chart)
 
Tenken-Sen- $1965.19
 
Kijun-Sen- $1965.19
 
Gold prices recovered after Fed monetary policy. It hits a high of $1987 yesterday and currently trading around $1978.59.

US Fed hiked rates by 25 bpbs to 5.5% as expected. The central bank said that the economy is expanding at a moderate pace. Jobs gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The statement is like a carbon copy of June's with minor changes.

Jul 27th, 2023, ECB Monetary policy  (12:15 pm GMT)

US advance GDP  and US durable goods order (12:30 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 no-rate hike in Sep increased to 78% from 0% a day ago.
 
 The US 10-year yield pared some of its gains after a less hawkish rate hike by the fed. The  US 10 and 2-year spread narrowed to -97% 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 $1970, a break below targets of $1960/1950. The yellow metal faces minor resistance around $1980, and a breach above will take it to the next level of $2000/$2020.

 It is good to buy on dips around $1960 with SL around $1950 for TP of $1990/$2000.