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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2178.76
Kijun-Sen- $2159.47
Gold is trading flat ahead of US CPI data. The Economist predicts headline inflation to rise 0.40 m/m from 0.30% the previous month and 3.1% y/y. Any surge in US CPI will decrease the chance of a rate cut by the Fed. The yellow metal hit a high of $2195.17 yesterday and is currently trading around $2177.59.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 95% from 96% a week ago.
US dollar index- Bearish. Minor support around 102.30/101.40. The near-term resistance is 103.20/104.
Factors to watch for gold price 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 $2159, a break below targets of $2145/$2120. The yellow metal faces minor resistance around $2200 and a breach above will take it to the next level of $2225/$2250.
It is good to buy on dips around $2159 with SL around $2140 for TP of $2223.
