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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.
