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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2155.06
Kijun-Sen- $2161.62
Gold traded in a narrow range between $2179.90 and $2146 in the past week ahead of US Fed monetary policy. The central bank expects to keep rates at current levels. Markets eye hints about the timings of rate cuts and how many rate cuts will happen in 2024. The yellow metal hit a high of $2160 at the time of writing and is currently trading around $2156.57.
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.
