FxWirePro- Gold Weekly Outlook

Ichimoku Analysis (Weekly chart)

Tenken-Sen- $1860.75

Kijun-Sen- $1925.41

Gold price gained some momentum after G7 countries bans Russian gold imports. The declining commodity prices support market sentiment and are preventing the yellow metal from further upside. According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Jul declined to 85.6% from 83.8% a week ago. It hits a low of $1816 the previous week and is currently trading around $1835.50.

The US existing home sales dropped to a seasonally adjusted annualized rate of 5.41 million compared to a forecast of 5.6 million.

Next week Major economic data(US)- Durable goods orders (Mon), CB Consumer confidence (Tuesday), Core PCE, Personal income (Thursday), and US ISM manufacturing (Friday).

ECB monetary policy (Thursday).

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- Bullish (negative for gold)

Technical:

The near–term support is around $1815, a breach below targets $1800/$1750. Significant reversal only below $1750. A dip to $1700/$1689 is possible. The yellow metal faces minor resistance around $1850, any breach above will take to the next level $1875/$1900/$1920.

It is good to sell on rallies around $1838-40 with SL around $18750 for TP of $1800/$1787.