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Gold pared some of its gains after mixed US CPI data. It hit a low of $2500 yesterday and is currently trading around $2518.
US CPI came in line with expectations with no major surprise. This has decreased the chance of a 50 bpbs rate cut by the Fed next week.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep decreased to 14% from 40% a week ago.
US dollar index- Neutral Minor support around 101.20/100.50. The near-term resistance is 102/102.80.
Factors to watch for gold price action-
Global stock market- Bearish (Positive for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2470, a break below the target of $2449/$2430. The yellow metal faces minor resistance around $2530 and a breach above will take it to the next level of $2550/$2566.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy on dips around $2500 with SL around $2470 for TP of $2565.
