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Ichimoku Analysis (4-Hour chart)
Tenken-Sen- $2028.90
Kijun-Sen- $2040.52
Gold prices pared some of their gains ahead of US CPI data. Markets eye US debt ceiling talks for further direction. The talks in the oval office between Biden and House Speaker Kevin McCarthy concluded with no progress. It hits a high of $2030.69 and is currently trading around $2030.69.
US dollar index- Bearish. Minor support around 100.80/100. The near-term resistance is 101.60/102.40.
According to the CME Fed watch tool, the probability of a no-rate hike in June decreased to 79.30% from 84.50% a day ago.
The US 10-year yield trades flat after a minor pullback. The US 10 and 2-year spread narrowed to -52.6% 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 $2000, a break below targets of $1970/$1955/$1935.The yellow metal faces minor resistance around $2040, and a breach above will take it to the next level of $2070/$2100/$2150.
It is good to buy on dips around $1990 with SL around $1970 for TP of $2070/$2100.
