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Ichimoku Analysis (4 hour chart)
Tenken-Sen- $2040.70
Kijun-Sen- $2024.26
Gold has consolidated in a narrow range between $2052.04 and $2031.79 for the past three days. It hit a high of $2043.48 yesterday and is currently trading around $2042.10.
The annual core PCE index rose 3.5%, in line with the estimate. Every month, the core PCE index came at 0.20% slightly below the previous month's 0.30%. The number of people who have filed for unemployment benefits rose by 7000 to 218000 last week below the forecast of 219000.
Major economic data for the day
Dec 1st, 2023, ISM manufacturing PMI (3:00 pm GMT)
US dollar index- Bearish. Minor support around 102/100. The near-term resistance is 103/104.50.
According to the CME Fed watch tool, the probability of a no-rate hike in Dec increased to 99.50% from 95.2% a week ago.
The US 10-year yield trades flat ahead of the US ISM manufacturing PMI. The US 10 and 2-year spread narrowed to -34% from -52%.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Weak (positive for gold)
US10-year bond yield- Bearish (Positive for gold)
Technical:
The near–term support is around $2030, a break below targets of $1980/$1965/$1950/$1929/$1900/$1850. The yellow metal faces minor resistance around $2050 and a breach above will take it to the next level of $2070/$2100.
It is good to buy on dips around $2020 with SL around $2000 for TP of $2070.
