Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2371
Kijun-Sen- $2356
Gold edged towards the $2400 level on the weak US dollar. It hit a high of $2392 yesterday and is currently trading around $2383.10.
US economic data
US NFP - Weak (positive for gold)
US ISM manufacturing PMI- weak (positive for gold)
Market eyes US CPI (Jul 11th, 2024 12:30 pm GMT)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 70.80% from 57.90% 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 - Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2370, a break below the target of $2350/$2340. The yellow metal faces minor resistance around $2400 and a breach above will take it to the next level of $2425/$2448.
It is good to buy on dips around $2360-61 with an SL around $2350 for a TP of $2400.
