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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2447
Kijun-Sen- $2442
Gold continues to trade weak for the second consecutive day on weak US jobs data. It hit a low of $2420 at the time of writing and is currently trading around $2421.
US economic data
US jobless claims - weak (positive for gold)
US Philly fed - positive (negative for gold)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 91.70% from 85.10% 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 $2420, a break below the target of $2410/$2385. The yellow metal faces minor resistance around $2435 and a breach above will take it to the next level of $2450/$2475/$2480.
It is good to buy on dips around $2400 with an SL of around $2385 for a TP of $2500.
