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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2467.88
Kijun-Sen- $2437
Gold pared some of its gains due to profit booking. It hit a low of $2451 at the time of writing and is currently trading around $2471.
US economic data
US Building permits - strong (negative for gold)
US housing starts - positive (negative for gold)
Market eyes ECB monetary policy meeting today for further direction.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 91.70% from 69.7% a week ago.
US dollar index- Bearish. Minor support around 103.60/103. The near-term resistance is 104.20/105.
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 $2450, a break below the target of $2440/$2410/$235. The yellow metal faces minor resistance around $2485 and a breach above will take it to the next level of $2500.
It is good to buy on dips around $2460-61 with an SL of around $2440 for a TP of $2500.
