FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2447

Kijun-Sen- $2442

Gold hits a fresh all-time high as demand for safe-haven assets increases. It hit a high of $2531 and is currently trading around $2513.

Markets eye FOMC meeting minutes  today week for further direction.

Indian gold demand has seen a nice jump after the government cut import tax to 6% from 15%.

The weak US dollar and easing US treasury yield support the yellow metal at a lower price.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 67.5% from 47% a week ago.

 US dollar index- Bearish. Minor support is around 101.80/100.60. The near-term resistance is 102.50/103.

 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 $2470, a break below the target of $2450/$2430/$2400. The yellow metal faces minor resistance around $2515 and a breach above will take it to the next level of $2554.

It is good to buy on dips around  $2450-55 with an SL around $2430 for a TP of $2510/$2550.