Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2142
Kijun-Sen- $2100
Gold hits an all-time high on board-based US dollar selling. The central bank is ready to cut rates this year if economic data supports them. He said that the Fed needs more confidence in inflation to cut. The yellow metal hit a high of $2161 at the time of writing and is currently trading around $2156.32.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 95% from 96% a week ago.
US dollar index- Bearish. Minor support around 103/102. The near-term resistance is 103.60/104.25.
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- Bearish (positive for gold)
Technical:
The near–term support is around $2140, a break below targets of $2120/$2100/$2087. The yellow metal faces minor resistance around $2165 and a breach above will take it to the next level of $2182/$2200.
It is good to buy on dips around $2100 with SL around $2100 for TP of $2165.
