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Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1801.58
Kijun-Sen- $1792
Gold has halted its 10-day of the bearish trend and shown a minor profit booking. The US dollar jumped more than 20 pips from the bottom of 92.80. Markets await Fed Chairman Powell's speech on Friday for further direction. The minor pullback in the US 10-year bond yield also putting pressure on the yellow metal.
Economic data-
The US new home sales surged by 1% in Jul to a seasonally adjusted annual rate of 708000 units compared to a forecast of 698000.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index – Slightly Bullish (negative 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.
