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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2159.47
Kijun-Sen- $2165.52
Gold lost its shine ahead of US-fed monetary policy this week. Markets expect the central bank to be hawkish on upbeat US inflation data. Any hawkish rate pause will put pressure on the yellow metal. The yellow metal hit a low of $2146.198 at the time of writing and is currently trading around $2154.20.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 99% from 98% 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 $2145, a break below targets of $2130/$2114/$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.
