FxWirePro- Gold Daily Outlook

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.