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Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2126.19
Kijun-Sen- $2085
Gold trades higher on board-based US dollar selling. Markets eye Fed Chairman Powell's speech for further direction. The yellow metal hit a high of $2141.85 yesterday and is currently trading around $2127.
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 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 $2100, a break below targets of $2085/$2068/$2060. The yellow metal faces minor resistance around $2130 and a breach above will take it to the next level of $2145/$2150.
It is good to buy on dips around $2070-72 with SL around $2050 for a TP of $2145.
