FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $2022.95

Kijun-Sen- $2078.26

Gold showed a minor pullback after weak US ADP data. It hit a high of $2032 and is currently trading around $2028.24.

US private sector employment increased by 103000 jobs in Nov, below expectations of 131000.

Major economic data for the day

Dec 7th, 2023, US initial jobless claims (1:30 pm GMT)

US dollar index-  Neutral. Minor support around 102/100. The near-term resistance is 104.40/105.

According to the CME Fed watch tool, the probability of a no-rate hike in Dec increased to 97.50% from 97% a week ago.

 The US 10-year yield trades weak amid weak US private sector employment. The US 10 and 2-year spread widened to  -47.6% from -14.50%.

 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- Bearish (Positive for gold)

Technical:

The near–term support is around $2020, a break below targets of $2000/$1970/$1950. The yellow metal faces minor resistance around $2050 and a breach above will take it to the next level of $2075/$2100/$2150.

 It is good to buy on dips around $2020 with SL around $2000 for TP of $2150.