FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $2126.19

Kijun-Sen- $2085

Gold trades higher on board-based US dollar selling. Markets eye Fed Chairman Powell's speech for further direction. The yellow metal hit a high of $2141.85 yesterday and is currently trading around $2127.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar decreased to 97% from 98% a week ago.

 US dollar index-  Bearish. Minor support around 103.40/102.70. The near-term resistance is 104.20/105.
  
 Factors to watch for action-
     
   Global stock market- Bullish  (negative for gold)

  US dollar index - Bearish (Bullish  for gold)

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

Technical:

The near–term support is around $2100, a break below targets of $2085/$2068/$2060. The yellow metal faces minor resistance around $2130 and a breach above will take it to the next level of $2145/$2150.

 It is good to buy on dips around $2070-72 with SL around $2050 for a TP of $2145.