FxWirePro- Gold Daily Outlook

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.