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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1974.34
Kijun-Sen- $1975.47
Gold price trades higher on geopolitical tension. It hit a high of $1988.28 yesterday and is currently trading at around $1988.31.
The escalation of tension between Israel and Hamas for 20th day with more than 6500 killed in Gaza and wounded more than 17400. The decrease in demand for riskier assets supports the yellow metal at lower levels.
US new home sales jumped to a 19-month high of 759K in Sep compared to a forecast of 680K.
Major Economic data for the day
Oct 26th 2023, US Advance GDP q/q (12:30pm GMT)
Core Durable goods orders m/m (12:30 pm GMT)
ECB press conference (12:45 pm GMT)
US dollar index- Bullish. Minor support around 105/104.50. The near-term resistance is 107.50/109.
According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 93.40% from 98.80% a week ago.
The US 10-year yield recovered after upbeat US home sales data. The US 10 and 2-year spread narrowed to -14.60% from -75%.
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 $1975, a break below targets of $1960/$1950/$1926. The yellow metal faces minor resistance around $2000 and a breach above will take it to the next level of $2020/$2048.
It is good to buy on dips around $1970-72 with SL around $1960 for TP of $2000/$2020.
