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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1848.74
Kijun-Sen- $1838.60
Gold prices lost more than $10 from their high yesterday ahead of Fed Powell's testimony to congress. Any hawkish comments from Powell will drag the yellow metal further lower. Gold hits a low of $1844 and is currently trading around $1847.08.
The commerce department said on Monday that US factory orders declined -1.6% in Jan vs the forecast of -1.8%.
Major economic data today
US Fed chairman Speech
SNB chairman Jordan's Speech
US dollar index-Bullish. Minor support around 104/103.70. The near-term resistance is 104.70/105.35.
According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Mar increased to 31.4% from 24% a week ago.
The US 10-year yield showed a minor pullback ahead of Fed Chairman's Speech. The US 10 and 2-year spread widened to -92.70 basis points from -77% bpbs.
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 $1837, a break below targets of $1820/$1800/ $1788/$1748. The yellow metal faces minor resistance around $1851, and a breach above will take it to the next level of $1860/$1888/$1900.
It is good to sell on rallies around $1858-60 with SL around $1867 for TP of $1800.
