Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2308.78
Kijun-Sen- $2331.26
Gold lost its shine on the strong US dollar. It hit a low of $2293 yesterday and is currently trading around $2301.36.
US economic data-
New home sales - Weak (positive for Gold)
The US dollar index gained momentum after hawkish comments from fed officials. The US 10-year treasury yield
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 59.50% from 61.7% 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 $2300, a break below the target of $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 sell on rallies around $2308-10 with an SL of around $2325 for a TP of $2270.


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