Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2363.75
Kijun-Sen- $2369
Gold edged lower despite easing inflation. It hit a low of $2351 yesterday and is currently trading around $2359.
Market eyes on US CPI and Fed chairman speech (July 11th, 2024 12:30 pm GMT).
The French political uncertainty and tension in the Middle East support prices at lower levels.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 73.6% from 59.80% 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 $2350, a break below the target of $2340/$2320. The yellow metal faces minor resistance around $2370 and a breach above will take it to the next level of $2400/$2425/$2448.
It is good to buy on dips around $2350 with an SL of around $2330 for a TP of $2400.
