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Ichimoku Analysis (4- Hour chart)
Tenken-Sen- $1904.82
Kijun-Sen- $1902.75
Gold surged sharply more than $15 on weak US economic data. It hit a high of $1920 yesterday and is currently trading around $1918.57. Markets eye Fed chairman speech in Jackson Hole symposium for further direction.
S&P manufacturing PMI declined to 47in August, compared to a forecast of 48.90. The services PMI showed a minor drop to 51 vs. estimate of 52.10.
Major economic data for the day
Aug 24th, 2023, US Core durable goods order and unemployment claims (12:30 pm GMT)
US dollar index- Bullish. Minor support around 103/102. The near-term resistance is 103.50/105.
According to the CME Fed watch tool, the probability of a no-rate hike in Sep decreased to 86.5% from 88% a week ago.
The US 10-year yield falls more than 4% on dismal US flash PMI data. The US 10 and 2-year spread widened to -78% from -66%.
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 $1885, a break below targets of $1847/$1820. The yellow metal faces minor resistance around $1920 and a breach above will take it to the next level of $942/$1950/$1970.
It is good to buy on dips around $1905-06 with SL around $1890 for TP of $1950/$1970.
