FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 hour chart)

Tenken-Sen- $2005.19

Kijun-Sen- $2002.19

Gold hits six-month high on weak US dollar. It hit a high of $2018.23 yesterday and is currently trading around  $20017.71.

US new home sales in Oct 2023 came at 679000 compared to a forecast of 725000.

Major economic data for the day

Nov 28th 2023, S&P/CS Composite-20 HPI y/y (2:00pm GMT)

                            CB consumer confidence (3:00 pm GMT)

                            Richmond Manufacturing Index

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 increased to 98.1% from 95.50% a day ago.

 The US 10-year yield lost more than 2.5% from a minor top of 4.50%.  The US 10 and 2-year spread widened to  -46.7% 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 $2000, a break below targets of $1980/$1965/$1950/$1929/$1900/$1850. The yellow metal faces minor resistance around $2020 and a breach above will take it to the next level of $2030/$2050.

 It is good to buy on dips around $1980-81 with SL around $1968 for TP of $2020.