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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2183.92
Kijun-Sen- $2190.05
Gold showed a nice pullback despite the strong US dollar. The yellow metal hit a high of $2200 yesterday and is currently trading around $2181.
US durable goods orders rose by 1.4% in Feb, compared to a forecast of 1.1%. Core Durable goods orders excluding transportation increased by 0.50% vs. an estimate of 0.40%.
US Richmond fed manufacturing Index- Weak (positive for Gold)
CB Consumer confidence- Weak (bullish for Gold)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June % decreased to 58.30% from 63.70% a day ago.
US dollar index- Bullish. Minor support around 103.40/102.70. The near-term resistance is 104.25/105.
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 $2170, a break below targets of $2157/$2145/$2130/$2114/$2100. The yellow metal faces minor resistance around $2181 and a breach above will take it to the next level of $2200/$2225/$2250.
It is good to sell on rallies around $2182-84 with SL around $2200 for TP of $2100.
