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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2000.66
Kijun-Sen- $1992.25
Gold prices showed a minor dip despite weak US economic data. It hits a high of $2012 and is currently trading around $2000.56.
The number of people who have filed for unemployment benefits increased by 5000 in the week ending Apr 15, the highest level since Nov 2021. US Philly manufacturing index drops to -31.3 in Apr vs. -19.20 expected.
US dollar index-Bearish. Minor support around 100.75/100. The near-term resistance is 101.60/102.15.
Major economic data
Apr 21st, 2023 US Flash Manufacturing PMI (1:45 pm GMT).
US Flash Services PMI (1:45 pm)
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in May increased to 82.10% from 78% a week ago.
The US 10-year yield pared its gains due to weak US economic data. The US 10 and 2-year spread narrowed to -60% from -108%.
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 $1980, a break below targets of $1969/$1955.The yellow metal faces minor resistance around $2020, and a breach above will take it to the next level of $2050/$2070.
It is good to buy on dips around $1980 with SL around $1960 for TP of $2040/$2070.
