FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 hour chart)

Tenken-Sen- $1940.53

Kijun-Sen- $1951.44

Gold showed a minor pullback ahead of the US CPI. It hit a high of $1949.28 and is currently trading around  $1944.41.

The easing geopolitical tension and strong US dollar putting pressure on the yellow metal at higher levels. The analyst expects a headline CPI to have risen to 0.1% from 0.30%. The annual inflation to fall 3.3% from the previous month's 3.7%.

Major Economic Data for the Week

 Nov 14 th 2023, US Core CPI m/m (1:30 pm GMT)

US dollar index-   Neutral. 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 decreased to 85.70% from 90.2% a week ago.

 The US 10-year yield is trading flat ahead of US CPI. The US 10 and 2-year spread widened to  -40% from -16%.

 Factors to watch for gold price action-

   Global stock market- Bullish (negative for gold)

  US dollar index - Mixed (neutral for gold)

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

Technical:

The near–term support is around $1930, a break below targets of $1900/$1850. The yellow metal faces minor resistance around $1950 and a breach above will take it to the next level of $1957/$1965.

 It is good to sell on rallies around $1948-50 with SL around $1962 for TP of $1905.