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Gold holds above $2500 ahead of US Non-Farm Payroll data. It hits a high of $2523 yesterday and is currently trading around $2517.
US economy is expected to add 164000 in August from previous month 114000. Unemployment rate to increase 6.5% from 6.4%.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 57% from 70% a week ago.
US dollar index- Bullish. Minor support around 101.20/100.50. The near-term resistance is 102/102.80.
Factors to watch for gold price action-
Global stock market- Bearish (Positive for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2470, a break below the target of $2449/$2430. The yellow metal faces minor resistance around $2520 and a breach above will take it to the next level of $2525/$2530.
Indicator (1-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to buy on dips around $2500 with an SL around $2490 for a TP of $2520.
