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FxWirePro- Gold Daily Outlook
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1922.28
Kijun-Sen- $1934.18
Gold holds below $1920 on upbeat US ISM services PMI data. It has a low of $1915.37 at the time of writing and is currently trading around $1919.88.
US ISM services PMI rose to 54.50 in August, compared to a forecast of 52.50. The US dollar index gained momentum after US ISM services hit the strongest level since Feb.
Major economic data for the week
Sep 7th, 2023, Unemployment claims (12:30 pm GMT)
US dollar index- Bullish. 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 increased to 93% from 90% a week ago.
The US 10-year yield jumped more than 6% from a temporary low of 4% on strong US ISM services PMI. The US 10 and 2-year spread narrowed to -69% from -86.4%.
Factors to watch for gold price action-
Global stock market- mixed (neutral for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1924, a break below targets of$1911/$1900. The yellow metal faces minor resistance around $1950 and a breach above will take it to the next level of $1970/$2000.
It is good to sell on rallies around $1935-36 with SL around $1951 for TP of $1885.
