FxWirePro: Gold Daily outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $1934.60

Kijun-Sen- $1924.84

Gold is trading flat for the second consecutive day after hitting a high of $1949. Markets eye US Nonfarm payroll data for further direction. The economy expects to add 492K jobs in Mar compared to the previous month's 678K. The yellow metal hits an intraday low of $1932.60 and is currently trading around $1937.50.

US Fed's favorite measure PCE climbed 6.4% in the year through Feb, the fastest level since 1982. It is well above the Fed's target level of 2% annual inflation.

Factors to watch for gold price action-

 Global stock market- Flat (Neutral for gold)

US dollar index –Bullish (negative for gold)

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

Technical:

The near–term support is around $1926, violation below targets $1918/$1910/$1895/$1877/$1850/$1800. Significant reversal only below $1750.The yellow metal faces strong resistance of $1950, any breach above will take to the next level $1977/$2000/$2020.

It is good to sell on rallies around $1928-30 with SL around $1950 for TP of $1850.