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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2328.58
Kijun-Sen- $2316.76
Gold shined above $2350 on dismal US economic data. It hit a high of $2364 at the time of writing and is currently trading around $2356.
US economic data
US ISM services PMI - Weak (positive for gold)
US ADP employment - Bearish (positive for gold)
FOMC meeting minutes show that Fed officials are not willing to cut rates soon as inflation progresses slow.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 66.50% from 59.50% a week ago.
US dollar index- Bullish. Minor support around 105.50/104. The near-term resistance is 106.20/107.
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- Bullish (Negative for gold)
Technical:
The near–term support is around $2340, a break below the target of $2320/$2300/$2260/$2250. 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 buy on dips around $2308-10 with an SL of around $2290 for a TP of $2360.
