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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1702.70
Kijun-Sen- $1707.4
Gold price broke psychological support at $1700 and settled below that level. Market eyes European Central bank policy for further direction. A hawkish rate hike by ECB will drag the yellow metal further down. US dollar index pared most of its gains made yesterday on profit booking. According to the CME Fed watch tool, the probability of a 100 bpbs rate hike in Jul dropped to 33.2% from 36.2% a day ago.
The US existing home sales declined to two year low at 5.12M compared to a forecast of 5.37M.
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- Mixed (neutral for gold)
Technical
The near–term support is around $1690, a breach below targets $1650/$1600. Significant reversal only below $1600. The yellow metal faces minor resistance around $1720, breach above will take it to the next level of $1732/$1745/$1770.
It is good to sell on rallies around $1720-21 with SL around $1750 for TP of $1650/$1600.
