FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 hour chart)

Tenken-Sen- $1955.21

Kijun-Sen- $1970.01

Gold showed a minor pullback above $1950 despite a strong US dollar. It hit a high of $1963 and is currently trading around  $1957.99.

Fed Chairman Powell said at an event hosted by the IMF "If it becomes appropriate to tighten policy further, we will not hesitate to do so,"

 The number of people who have filed for unemployment benefits in the week ending Nov 4th decreased by 3000 to 217000, above the forecast of 218000.

Major Economic data for the day

 Nov 10 th 2023, Prelim UoM consumer sentiment (3:00 pm GMT)

US dollar index-   Bearish. Minor support around 104.80/104. The near-term resistance is 106.25/107.50.

According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 85.4% from 80% a week ago.

 The US 10-year yield lost more than 10% from the multi-week top. The US 10 and 2-year spread widened to  -44% from -16%.

 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- Bearish (positive for gold)

Technical:

The near–term support is around $1945, a break below targets of $1926/$1900. The yellow metal faces minor resistance around $19 and a breach above will take it to the next level of $2020/$2048.

 It is good to sell on rallies around $1968-70 with SL around $1980 for TP of $1950/$1930.