FxWirePro- Gold Daily Outlook

Gold trades flat as investors need fresh catalysts for further up moves. It hit a high of $2526.91 yesterday and is currently trading around $2516.

US durable goods orders rose 9.9% in Jul, better than market expectations of 4%.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 71.50% from 71% 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 $2500 (34 -4H EMA), a break below the target of $2492(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.