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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2334
Kijun-Sen- $2323
Gold showed a minor pullback after the SNB monetary policy. It hit a high of $2345.74 at the time of writing and is currently trading around $2341.
The Swiss National Bank (SNB) cuts the deposit rates by 25 bpbs points for a second consecutive time from 1.50% to 1.25%. Market eyes Bank Of England monetary policy.
Major central banks like the ECB and BOE cut rates by 25 bpbs the previous month with a dovish tone supporting the precious metal at lower levels.
US economic data for the day
Philly Fed manufacturing Index and Building permits (12:30 pm GMT)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 57.90% from 59.6% a week ago.
US dollar index- Bullish. Minor support around 104/103. The near-term resistance is 105.50/107.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bearish (Positive for gold)
Technical:
The near–term support is around $2320, a break below the target of $2300/$2280/$2260. The yellow metal faces minor resistance around $2350 and a breach above will take it to the next level of $2375/$2400.
It is good to buy on dips around $2305-06 with an SL of around $2280 for a TP of $2372.
