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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2154.92
Kijun-Sen- $2163.02
Gold showed a minor sell-off ahead of Fed monetary policy. The Fed is expected to keep its rates unchanged and markets eye FOMC statement for further movement. The yellow metal hit a low of $2154 at the time of writing and is currently trading around $2157.07.
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- Bullish. Minor support around 103/102.30. The near-term resistance is 104.20/105.
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 $2165 and a breach above will take it to the next level of $2180/$2200/$2225/$2250.
It is good to sell on rallies around $2168-70 with SL around $2200 for TP of $2100.
