FxWirePro- Gold Daily Outlook

Gold trades flat with intraday bias remains neutral.It hits a high of $2507 yesterday and is currently trading around $2503.

Markets eye US CPI and ECB monetary policy this week for further direction

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 71% from 62% a week ago.

 US dollar index- Neutral  Minor support around 101.20/100.50. The near-term resistance is 102/102.80.

 Factors to watch for gold price action-

 Global stock market- Bearish (Positive 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 $2449/$2430. The yellow metal faces minor resistance around $2520 and a breach above will take it to the next level of $2525/$2530.

Indicator (4-hour chart)

CCI (14)- Bearish

CCI (50)- Bearish

Average directional movement Index - Neutral

It is good to buy around $2475-76 with SL around $2460 for TP of $2530.