FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2325.78

Kijun-Sen- $2342.79

Gold traded flat ahead of the US PCE data. It hit a high of $2334 yesterday and is currently trading around $2327.

Fed president Austan Goolsbee said in a CNBC interview that easing inflation data would open the door to an easier policy.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 61.10% from 56.70% 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 $2315, a break below the target of $2300/$2280/$2260. The yellow metal faces minor resistance around $2360 and a breach above will take it to the next level of $2375/$2400.

It is good to buy on dips around $2300 with an SL of around $2280 for a TP of $2400.