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FxWirePro-Gold Daily Outlook

Gold -

 

Ichimoku Analysis (4 Hour chart)

 

Tenken-Sen- $2421

 

Kijun-Sen- $2426

 

Gold hits fresh all-time high after dismal US retail sales. It hit a high of $2482 at the time of writing and is currently trading around $2474.

 

US economic data

 

US retail sales - weak (positive for gold)

 

Market eyes US building permits and Industrial production for further direction.

 

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 91.6% from 69.70% a week ago.

 

 US dollar index- Bearish. Minor support around 104/103. The near-term resistance is 105/106.20.

 

 Factors to watch for gold price action-

 

 Global stock market- Bullish (negative for gold)

 

 US dollar index - Bearish  (positive for gold)

 

 US10-year bond yield- Bearish (positive  for gold)

 

Technical:

 

The near–term support is around $2460, a break below the target of $2440/$2410/$235. The yellow metal faces minor resistance around $2485 and a breach above will take it to the next level of $2500.

 

It is good to buy on dips around  $2460-61 with an SL of around $2440 for a TP of $2500.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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