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Gold surged sharply after the Fed’s Chairman's speech at the Jackson Hole symposium. It hit a high of $2521.86 and is currently trading around $2520.
Market eyes on US Personal Consumption Expenditure (PCE) data on Friday for further direction.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 38.50% from 24% a week ago.
US dollar index- Bearish. Minor support around 100.60/100. 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 $2495 (34 -4H EMA), a break below the target of $2485(55 -4H EMA)/$2470/$2430/$2400. The yellow metal faces minor resistance around $2525 and a breach above will take it to the next level of $2535/$2554.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral. So good to go to buy on dips.
It is good to buy on dips around $2490-92 with an SL of around $2470 for a TP of $2525/$2550.
