FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $1994.40

Kijun-Sen- $1986.59

Gold is trading flat as US markets closed yesterday on account of Thanksgiving day. It hit a high of $2006.38 yesterday and is currently trading around  $1994.69.

Major economic data for the day

Nov 24th, 2023, US flash manufacturing and services PMI (2:45 pm GMT)

US dollar index-   Bearish. Minor support around 103/102. The near-term resistance is 104/105.

According to the CME Fed watch tool, the probability of a no-rate hike in Dec decreased to 95.2% from 100% a week ago.

 The US 10-year yield gained more than 2% after hitting a multi-week low.  The US 10 and 2-year spread widened to  -48.50% from -16%.

 Factors to watch for gold price action-

   Global stock market- Bullish (negative for gold)

  US dollar index - Weak (positive for gold)

  US10-year bond yield- Bearish (Positive for gold)

Technical:

The near–term support is around $1980, a break below targets of $1965/$1950/$1929/$1900/$1850. The yellow metal faces minor resistance around $2009 and a breach above will take it to the next level of $2025.

It is good to buy on dips around $1980-81 with SL around $1968 for TP of $2007.