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Ichimoku Analysis (4- Hour chart)
Tenken-Sen- $1923.26
Kijun-Sen- $1930.52
Gold lost its shine due to the strong US dollar. It hits a low of $1914.35 yesterday and is currently trading around $1918.38.
The increase in the chance for more rate hikes by the Fed is putting pressure on the yellow metal at higher levels.
Major economic data for the day
Aug 10th, 2023, US CPI m/m (12:30 pm GMT)
US dollar index- Bullish. Minor support around 102/101. The near-term resistance is 103/104.
According to the CME Fed watch tool, the probability of a no-rate hike in Sep increased to 86.50% from 86% a day ago.
The US 10-year yield trades lower ahead of weak US CPI. The US 10 and 2-year spread narrowed to -79.60% from -110%.
Factors to watch for gold price action-
Global stock market- bullish (negative for gold)
US dollar index - Bullish (bearish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $1900, a break below targets of $1885/$1867. The yellow metal faces minor resistance around $1950 and a breach above will take it to the next level of $1955/$1970/$1985.
It is good to sell on rallies around $1930-32 with SL around $1950 for TP of $1870.
