FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2164.94

Kijun-Sen- $2169.90

Gold pared some of its gains after strong US PPI data. The US PPI came at 0.30% Feb, slightly above the estimate of 0.20%, lower than the previous month's reading of 0.50%. The annual inflation surged to 1.6% vs. the Estimate of 1.1%. US retail sales came below expectations has increased the chance of delay in a rate cut by the Fed. The yellow metal hit a low of  $2150 yesterday and is currently trading around $2168.83.

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 103.60/104.

 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.