Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2506
Kijun-Sen- $2491
Gold showed a minor sell-off despite dovish FOMC minutes. It hit a fresh all-time high of $2531 and is currently trading around $2513.
Markets eye Unemployment claims (12:30 pm GMT)
Flash manufacturing and services PMI (1:45 pm GMT) for further movement.
FOMC meeting minutes revealed that the “vast majority” of members indicated a rate cut “at the next meeting”.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 67.5% from 75% a week ago.
US dollar index- Bearish. Minor support around 101.80/100.60 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 $2515 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.


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