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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2397
Kijun-Sen- $2387
Gold edged above $2400 on board based on the US dollar weakness. It hit a high of $2424 yesterday and is currently trading around $2405.
US economic data -
US CPI- negative (positive for Gold)
Market eyes US PPI for further direction.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 86.40% from 68.40% 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 $2385, a break below the target of $2366/$2350. The yellow metal faces minor resistance around $2425 and a breach above will take it to the next level of $2448/$2500
It is good to buy on dips around $2378-80 with an SL of around $2360 for a TP of $2450.
