Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1789.19
Kijun-Sen- $1793.08
Gold is trading flat ahead of Fed Chairman speech in Jackson Hole. The US dollar index has shown a minor sell-off despite positive US GDP. The US economy grows at a 6.6% annual rate last quarter, slightly better than the previous estimate. The number of people who have filed for unemployment benefits rose by 4000 last week from a revised 349000 previous week. The yellow metal hits an intraday high of $1799 and is currently trading around $1799.20.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index –mixed (Neutral for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The immediate resistance is around $1810 and a convincing break above will take the yellow metal $1820/$1835/$1850 if possible. It is facing strong support at $1790, violation below targets $1784/$1770.
It is good to buy on dips around $1785-86 with SL around $1775 for TP of $1830.
