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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.
