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Gold hits fresh all-time high ahead of US fed monetary policy. It hit a high of $2589.71 and is currently trading around $2584.30.
Chart pattern
Gold- CCI (50) Bearish divergence (Daily chart)
US 10-year yield - CCI (50) Bullish divergence (Daily chart)
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 67% from 30% a week ago.
US dollar index- Bearish. Minor support around 100.50/99.80. The near-term resistance is 101.40/102.
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- Bearish (positive for gold)
Technical:
The near–term support is around $2570, a break below the target of $2560/$2544/$2535/$2520. The yellow metal faces minor resistance around $2590 and a breach above will take it to the next level of $2622/$2650.
Indicator (Daily chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to sell on rallies around $2584-85 with SL around $2600 for TP of $2545/$2520.
