FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $1923.80

Kijun-Sen- $1923.07

Gold trades in a narrow range between $1930.79 and $1915.34 for the past four days. It hit an intraday low of $1920.41 and is currently trading around $1923.54.

Markets await US economic data, CPI for Aug to be released tomorrow for further direction.

US dollar index-   Neutral. Minor support around 104.40/103.79. 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 93% from 94% a week ago.

 The US 10-year yield trades flat after a minor pullback of more than 2%. The US 10 and 2-year spread narrowed to -69.4% from -74.5%.

 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 $1915, a break below targets of $1900/$1880. The yellow metal faces minor resistance around $1930 and a breach above will take it to the next level of $1950/$1970/$2000.

 It is good to sell on rallies around $1935-36 with SL around $1951 for TP of $1885.