Ichimoku Analysis (Weekly chart)
Tenken-Sen- $1881.76
Kijun-Sen- $1945.98
Gold showed a big gap in the Middle East conflict. It hit a high of $1855 at the time of writing and is currently trading at around $1851.40. the US economy has added 336000 jobs in Sep, compared to a forecast of 170000. The unemployment rate surged to 3.8% vs. an estimated 3.70%.
Israel declares war against Palestine as intense fighting continues in major areas after the Hamas surprise attack.
Oct 11th, 2023, US PPI (12:30 pm GMT)
Oct 12th, 2023, US CPI (12:30 pm GMT)
Oct 13th Prelim UoM consumer sentiments (2 pm GMT)
US dollar index- Neutral. Minor support around 105.80/105. The near-term resistance is 106.50/107.50.
According to the CME Fed watch tool, the probability of a no-rate hike in Nov decreased to 78.30% from 81.70% a day ago.
The US 10-year yield trades flat ahead of US Non-farm payroll data. The US 10 and 2-year spread narrowed to -30% from -75%.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index - Mixed (neutral for gold)
US10-year bond yield- Mixed (neutral for gold)
Technical:
The near–term support is around $1800, a break below targets of $1785/$1760. The yellow metal faces minor resistance around $1830 and a breach above will take it to the next level of $1850/$1860/$1880.
It is good to buy on dips around $1815-16 with SL around $1800 for TP of $1860.


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