Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2328.23
Kijun-Sen- $2318
Gold showed a minor pullback, ahead of the FOMC minutes meeting. It hit a high of $2344 at the time of writing and is currently trading around $2343.
Fed Chairman Powell said in the ECB forum “We've made quite a bit of progress in bringing inflation back down to our target, while the labor market has remained strong and growth has continued,”
Major US economic data -
12:30 pm US ADP employment data, US jobless claims
2 pm US ISM services PMI
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 59.90% from 56.30% 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.


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