FxWirePro- Gold Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $1793.42

Kijun-Sen- $1798.18

Gold consolidated in a narrow range between $1813 and $1783 for the past week.  The minor pullback in the US dollar from a low of 93.49 is putting pressure on the yellow metal. Any weekly close above 94.20 confirms a bullish continuation. Markets eye US GDP and ECB monetary policy for further direction. Gold hits an intraday high of $1803 and is currently trading around $1800.22.

 Economic data-

The US Durable goods orders fell by 0.4% in September, the first decline since Apr 2021. The orders for goods excluding transportation rose 0.4% compared to the previous month's gain of 0.3%.

 Factors to watch for gold price action-

 Global stock market- Slightly bullish (negative for gold)

US dollar index – Slightly bullish (negative for gold)

US10-year bond yield- bearish (Positive for gold)

Technical:

It is facing strong support at $1778 violation below targets $1770/$1760. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1815, any convincing break above will take the yellow metal $1835/$1850/$1860 is possible.

It is good to buy on dips around $1770-71 with SL around $1760 for TP of $1835.