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Ichimoku Analysis (4 hour chart)
Tenken-Sen- $1873.42
Kijun-Sen- $1892.48
Gold lost its shine on the strong US dollar. It hit a low of $1857.73 yesterday and is currently trading at around $1864.96.
US real GDP grew at an annual rate of 2.1% in Q2 as expected. The number of people who have filed for unemployment benefits rose to 204K in the week ended September 23rd, 2023, compared to a forecast of 215000.
Markets eye the US PCE index and Chicago PMI for further direction.
US dollar index- Bullish. Minor support around 104.40/103.79. The near-term resistance is 107/108.
According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 81.6% from 77.5% a week ago.
The US 10-year yield pared some of its gains on profit booking. The US 10 and 2-year spread narrowed to -48% from -75%.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1850, a break below targets of $1830/$1800. The yellow metal faces minor resistance around $1885 and a breach above will take it to the next level of $1900/$1920.
It is good to sell on rallies around $1885-86 with SL around $1900 for TP of $1850.
