Ichimoku Analysis (4 hour chart)
Tenken-Sen- $2030.13
Kijun-Sen- $2078.26
Gold showed a minor pullback ahead of US NFP data. It hit a high of $2039.99 and is currently trading around $2031.80.
The number of people who have filed for unemployment benefits rose by 1000 to 220K for the week ending Dec 2.
Major economic data for the day
Dec 8th, 2023, US NFP (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 98.60% from 97.1% a week ago.
The US 10-year yield jumped slightly ahead of US NFP data. The US 10 and 2-year spread widened to -44.5% 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 $2000 around with SL around $1980 for TP of $2150.
