FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2328.58

Kijun-Sen- $2316.76

Gold trading is weak despite the weak US manufacturing data. It hit a low of $2318 yesterday and is currently trading around $2326.

US economic data-

US ISM manufacturing PMI  -Weak (Positive for gold)

The US 10-year yield surged more than 5% in the past week putting pressure on yellow metal at higher levels.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 0% from 60.50% a week ago.

 US dollar index- Bullish. Minor support around 105.50/104. The near-term resistance is 106.20/107.

 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- Bullish (Negative  for gold)

Technical:

The near–term support is around $2280, a break below the target of $2260/$2250. The yellow metal faces minor resistance around $2340 and a breach above will take it to the next level of $2360/$2375/$2400.

It is good to buy on dips around  $2308-10 with an SL of around $2290 for a TP of $2360.