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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2342
Kijun-Sen- $2337.72
Gold declined sharply after an upbeat US flash PMI. It hit a low of $2316 yesterday and is currently trading around $2327.
US economic data for the day
US flash manufacturing and services PMI - Strong (negative for Gold)
Existing home sales - bearish (positive for Gold)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 59.5% from 56.7% a week ago.
US dollar index- Bullish. Minor support around 104/103. The near-term resistance is 105.50/107.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bearish (Positive for gold)
Technical:
The near–term support is around $2315, a break below the target of $2300/$2280/$2260. The yellow metal faces minor resistance around $2360 and a breach above will take it to the next level of $2375/$2400.
It is good to buy on dips around $2300 with an SL of around $2280 for a TP of $2400.
