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Ichimoku Analysis (4- Hour chart)
Tenken-Sen- $1930.48
Kijun-Sen- $1934.86
Gold trades flat despite Moody's downgrade. It hits a low of $1922.80 yesterday and is currently trading around $1930.11.
Moody has downgraded the credit ratings of small and mid-sized banks and negative outlook for 11 lenders.
US dollar index- Bullish. Minor support around 102/101. The near-term resistance is 103/104.
According to the CME Fed watch tool, the probability of a no-rate hike in Sep increased to 86.50% from 82% a week ago.
The US 10-year yield lost more than 5% as Moody downgrades banks. The US 10 and 2-year spread narrowed to -74 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- Bullish (negative for gold)
Technical:
The near–term support is around $1920, a break below targets of $1900/$1885. The yellow metal faces minor resistance around $1950 and a breach above will take it to the next level of $1955/$1970/$1985.
It is good to sell on rallies around $1950 with SL around $1960 for TP of $1900.
