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Gold hits fresh all-time high on board-based US dollar weakness. It hit a high of $2570 and is currently trading around $2568.
US PPI came at 1.7% in Aug from 2.1% in Jul, below forecast of 1.8%. The European Central Bank (ECB) lowered its rates by 25 bpbs. Markets eye US Fed monetary policy next week.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 43% from 30% a week ago.
US dollar index- Bearish. Minor support around 100.50/99.80. The near-term resistance is 101.40/102.
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 $2547, a break below the target of $2535/$2520/$2500. The yellow metal faces minor resistance around $2570 and a breach above will take it to the next level of $2600/$2622.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to buy on dips around $2540 with SL around $2520 for TP of $2600.
