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Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $1673.79
Kijun-Sen- $1669.61
Gold pared some of its gains after hitting a high of $1679. The surge in US treasury yields in hopes of 75 bpbs rate hike by Fed in Sep 24th, 2022 meeting. Markets eye building permits and Housing starts for further movement. US dollar index recovered from a low of 109.45 ahead of the US-fed monetary policy meeting.
According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep dropped to 80% from 69% a week ago.
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- Bullish (negative for gold)
Technical:
The near–term support is around $1650, a close below targets $1620/$1598.The yellow metal faces minor resistance around $1680, breach above will take it to the next level of $1720/$1735. Minor bullish continuation only if it breaks $1740.
It is good to buy on dips around $1650 with SL around $1630 for TP of $1700.
