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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2495
Kijun-Sen- $2501
Gold showed a minor sell-off ahead of the Jackson Hole Symposium. It hit a low of $2470 and is currently trading around $2492.
The number of people who have filed for unemployment benefits last week rose by 4000 to 232000 compared to a forecast of 228000.
US flash services PMI surged to 55.2 in Aug vs 54 expected. While flash manufacturing declined to 48 compared to an estimate
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 73.50% 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.
