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Ichimoku Analysis (4 hour chart)
Tenken-Sen- $1926.38
Kijun-Sen- $1921.05
Gold surged more than $20 on board-based US dollar selling. It hit a high of $1938.25 and is currently trading around $1936.65.
US consumer sentiment declined in August to 106.10, compared to a forecast of 116.
Aug 30, 2023, German Prelim CPI m/m (All day)
ADP Non-Farm Employment Change (12:15 pm GMT)
Prelim GDP q/q (12:30 pm)
US dollar index- Bearish. Minor support around 103/102. The near-term resistance is 105/106.
According to the CME Fed watch tool, the probability of a no-rate hike in Sep decreased to 86.50% from 86% a week ago.
The US 10-year yield lost more than 5.5% due to weak US economic data. The US 10 and 2-year spread narrowed to -77.6% from -86.4%.
Factors to watch for gold price action-
Global stock market- bullish (negative for gold)
US dollar index - Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $1918, a break below targets of $1900/$1885/$1870. The yellow metal faces minor resistance around $1942 and a breach above will take it to the next level of $1950/$1970.
It is good to buy on dips around $1920 with SL around $1900 for TP of $1970.
