FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 hour chart)

Tenken-Sen- $1891.05

Kijun-Sen- $1923.19

Gold pared most of its gains on strong US dollar and surging US treasury yield. It hit a low of $1872.19 and is currently trading at around $1875.05.

US durable goods orders rose 0.20% in August vs. -0.50% expected. Core durable goods orders jumped 0.40% in August, compared to a forecast of 0.20%.

Markets eye US final GDP, US jobless claims, and Powell speech for further direction.

US dollar index-   Bullish. Minor support around 104.40/103.79. The near-term resistance is 107/108.

According to the CME Fed watch tool, the probability of a no-rate hike in Nov decreased to 76% from 73.70% a week ago.

 The US 10-year yield climbs above 4.60% on strong US economic data. The US 10 and 2-year spread narrowed to -52.2% 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 $1890, a break below targets of $1880/$1870/$1850. The yellow metal faces minor resistance around $1920 and a breach above will take it to the next level of $1930/$1950/$1970.

 It is good to sell on rallies around $1909-10 with SL around $1920 for TP of $1850.