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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1915.20
Kijun-Sen- $1918.90
Gold prices pared some of their gains after US ADP jobs data. It hits a low of $1902.50 and currently trading around $1911.12.
US private sector payrolls have added 497000 jobs in June, well above expectations of 226000. US services PMI picked up faster in June to 53.9 Vs forecast of 51.30.
Major economic data for the Day
Jul 6th, 2023, US NFP (12:30 pm GMT)
US dollar index- weak. Minor support around 101.80/101. The near-term resistance is 103.60/104.40.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in July increased to 92.40% from 89.30% a week ago.
The US 10-year yield hits the highest level since 2007 after upbeat employment data. The US 10 and 2-year spread narrowed to -96.50% from -110%.
Factors to watch for gold price action-
Global stock market- bullish (negative for gold)
US dollar index - mixed (neutral for gold)
US10-year bond yield- Bullish (Bearish for gold)
Technical:
The near–term support is around $1900, a break below targets of $1890/$1878/$1868/$1850.The yellow metal faces minor resistance around $1936; a breach above will take it to the next level of $1942/$1950/$1955.
It is good to sell on rallies around $1928-30 with SL around $1950 for TP of $1878.
