FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4-Hour chart)

Tenken-Sen- $1840.03

Kijun-Sen- $1831.39

Gold price consolidating after a minor pullback to $1857. Markets eye Fed Powell's testimony tomorrow for further direction. The crash in crypto markets supports the yellow metal as investors shift to safe-haven assets.  According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Jul increased to 98.1% from 19.9 % a week ago. It hits an intraday low of $1838.18 and is currently trading around $1838.55.

Factors to watch for gold price action-

Global stock market- Bearish (Positive for gold)

US dollar index – Mixed (Neutral for gold)

US10-year bond yield- Bullish (negative for gold)

Technical:

The near–term support is around $1828, a breach below targets $1820/$1800/$1750. Significant reversal only below $1750. A dip to $1700/$1689 is possible. The yellow metal faces strong resistance of $1875, any breach above will take to the next level $1880/$1900/$1920.

It is good to sell on rallies around $1849-50 with SL around $1870 for TP of $1800/$1787.