Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2325.78
Kijun-Sen- $2342.79
Gold showed a minor sell-off despite weak US economic data. It hit a low of $2309.74 yesterday and is currently trading around $2315.66.
US economic data-
US Richmond manufacturing Index - Weak (positive for Gold)
US CB consumer confidence - Bearish (negative for Gold)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 59.50% from 61.7% 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 $2300, a break below the target of $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.
