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Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1918
Kijun-Sen- $1824.50
Gold prices showed a minor sell-off after mixed US payroll data. The economy has added 236000 jobs in March, compared to expectations of 228000. The unemployment rate dropped to 3.5% from 3.6% in February. It hits a low of $1988 and is currently trading around $1991.77.
Major economic data for the Week
Apr 12th, 2023 US CPI (12:30 pm GMT).
BOC monetary policy report (2:00 pm)
FOMC Meeting Minutes (2:00 pm)
Apr 13th, 2023 US PPI (12:30 pm GMT)
Apr 14th, 2023 Core retail sales m/m
Prelim UoM consumer sentiment
US dollar index-Bearish. Minor support around 101.40/101. The near-term resistance is 102.30/102.80/103.35.
According to the CME Fed watch tool, the probability of a no-rate hike in May increased to 34% from 28.8% a day ago.
The US 10-year yield showed a minor pullback after hitting the lowest level since Sep 12, 2022. The US 10 and 2-year spread narrowed to -57.9% from -108%.
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 (negative for gold)
Technical:
The near–term support is around $1977, a break below targets of $1969/$1955/$1936.The yellow metal faces minor resistance around $2000, and a breach above will take it to the next level of $2020/$2035.
It is good to buy on dips around $1975 with SL around $1955 for TP of $2040/$2070.
