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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1996.42
Kijun-Sen- $1990.57
Gold prices recovered slightly despite upbeat US durable goods orders. It hits an intraday high of $1999 and is currently trading around $1998.82.
US durable goods orders jumped 3.2% last month, well above the estimate of 0.70%. "Excluding transportation, new orders increased by 0.3%,"
US dollar index- Neutral. Minor support around 101/100. The near-term resistance is 102.35/103.
Major economic data
Apr 27th, 2023 US Advance GDP (12:30 pm GMT).
US unemployment benefits (12:30 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate hike in May increased to 27.30% from 16.70% a week ago.
The US 10-year yield halted its five days of a bearish trend and showed a minor pullback on strong US economic data. The US 10 and 2-year spread narrowed to -49.5% 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 $1970, a break below targets of $1955/$1935.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 $1990 with SL around $1970 for TP of $2040/$2070.
