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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1973.53
Kijun-Sen- $1954.84
Gold price showed a nice rebound on the weak US dollar. It hit a high of $1982.85 yesterday and is currently trading at around $1975.92.
The yellow metal was one of the best performers this month and surged more than $150 on geopolitical issues. The escalation of tension between Hamas and Israel has increased demand for safe-haven assets like gold, and Bitcoin.
Major Economic data for the day
Oct 24th, 2023, USD Flash manufacturing PMI (1:45 pm GMT)
Richmond Manufacturing Index (2:00 pm GMT)
US dollar index- Bearish. Minor support around 105/104.50. The near-term resistance is 106.05/106.70.
According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 98.50% from 94.80% 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 -21.90% from -75%.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index - Bearish (Positive for gold)
US10-year bond yield- Mixed (Neutral for gold)
Technical:
The near–term support is around $1960, a break below targets of $1950/$1926. The yellow metal faces minor resistance around $2000 and a breach above will take it to the next level of $2020/$2048.
It is good to buy on dips around $1960 with SL around $1948 for TP of $2000/$2020.
