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Gold -
Gold recovered above $2500 on the strong yen. It hit a low of $2489 at the time of writing and is currently trading around $2504.
Markets eyes US ISM manufacturing PMI data today for further direction.
USDJPY gained sharply as demand for safe-haven assets like the yen increased.
The minor jump in US treasury yield and the US dollar index puts pressure on the yellow metal at a higher level.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 69% from 64% a week ago.
US dollar index- Bearish. 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- Bullish (negative for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Japanese Yen- Bullish (positive for gold)
Technical:
The near–term support is around $2485 (55 -8H EMA), a break below the target of $2470/$2449. The yellow metal faces minor resistance around $2525 and a breach above will take it to the next level of $2535/$2554.
Indicator (8-hour chart)
CCI (14)- Bearish
CCI (50)- Bullish
Average directional movement Index - Neutral. So good to go to buy on dips.
It is good to buy on dips around $2492-94 with a SL around $2478 for TP of $2525/$2550.
