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Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2099.76
Kijun-Sen- $2072.28
Gold continues to trade higher and hit a fresh year high in hopes of a rate cut by the Fed. Markets eye the Fed chairman testimony tomorrow for further direction. The yellow metal hit a high of $2119.97 yesterday and is currently trading around $2118.65.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 97% from 98% a week ago.
US dollar index- Bearish. Minor support around 103.40/102.70. The near-term resistance is 104.20/105.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (Bullish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2087, a break below targets of $2068/$2060. The yellow metal faces minor resistance around $2120 and a breach above will take it to the next level of $2130/$2145.
It is good to buy on dips around $2088-89 with SL around $2068 for TP of $2145.
