FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2165.30

Kijun-Sen- $2172.93

Gold showed a minor pullback ahead of US economic data. US retail sales are expected to improve to 0.80% m/m from -0.80% m/m the previous month. Retail sales, excluding autos are anticipated to surge to 0.50% MoM in Feb from -0.60% Jan.  Any strong PPI will put pressure on gold at higher levels. The yellow metal hit a low of  $2179 yesterday and is currently trading around $2158.32.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar decreased to 99% from 96% a week ago.

 US dollar index-  Bearish. Minor support around 102.30/101.40. The near-term resistance is 103.20/104.

 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 $2150, a break below targets of $2145/$2120/$2100. The yellow metal faces minor resistance around $2200 and a breach above will take it to the next level of $2225/$2250.

 It is good to sell on rallies around $2168-70 with SL around $2200 for TP of $2100.