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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2447
Kijun-Sen- $2442
Gold gained above $2500 on US dollar weakness.It hit a high of $2509 and is currently trading around $2504.
Markets eye the Jackson Hole symposium this week for further direction.
The easing inflation and weak US economic data have increased the probability of a rate cut by the Fed in Sep.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 71.50% from 50% a day ago.
US dollar index- Bearish. Minor support around 102/100.60 The near-term resistance is 102.50/103.
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 $2470, a break below the target of $2450/$2430/$2400. The yellow metal faces minor resistance around $2510 and a breach above will take it to the next level of $2554.
It is good to buy on dips around $2450-55 with an SL around $2430 for a TP of $2510/$2550.
