FxWirePro- Gold Daily Outlook

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.