FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $1821.20

Kijun-Sen- $1832.07

Gold trades in a narrow range ahead of the US Nonfarm payroll. It hit a low of $1813.15 yesterday and is currently trading at around $1823.47

The number of people who have filed for unemployment benefits rose by 2000 to 207000  in the week ending September 30th, 2023.

Markets eye US Nonfarm payroll data for further direction.

US dollar index-   Neutral. Minor support around 106.35/105.65. The near-term resistance is 107.50/108.

According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 78.30% from 76.90% a day ago.

 The US 10-year yield trades flat ahead of US Nonfarm payroll data. The US 10 and 2-year spread narrowed to -30% from -75%.

 Factors to watch for gold price action-

   Global stock market- Bearish (positive for gold)

  US dollar index - Mixed (neutral for gold)

  US10-year bond yield- Mixed (neutral for gold)

Technical:

The near–term support is around $1800, a break below targets of $1785/$1760. The yellow metal faces minor resistance around $1830 and a breach above will take it to the next level of $1850/$1860/$1880.

 It is good to buy on dips around $1815-16 with SL around $1800 for TP of $1860.