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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1733.91
Kijun-Sen- $1737.91
Gold price trading weak ahead of US CPI data. The yellow metal has shown a minor pullback on the short covering. The US dollar index pared some of its gains made this week and holds above the 108 level. According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Jul rose to 90.6% from 83.4% a week ago.
Factors to watch for gold price action-
Global stock market- mixed (neutral for gold)
US dollar index – Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1723, a breach below targets $1700/$1650—significant reversal only below $1700. The yellow metal faces minor resistance around $1760, any breach above will take it to the next level of $1780/$1800.
It is good to sell on rallies around $1750-52 with SL around $1770 for TP of $1700.
