Ichimoku analysis (4-Hour chart)
Tenken-Sen- $1796
Kijun-Sen- $1793
Gold is trading flat ahead of the Jackson Hole symposium on Friday. It is closely followed by market participants as prominent central bankers and finance ministers discuss current policy matters. US dollar is holding below 93 levels on weaker than expected US durable goods order. The orders for durable goods slipped 0.1% last month compared to a forecast of 0.5% decline. The yellow metal hits an intraday low of $1787.05 and is currently trading around $1787.69.
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 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.
