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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2415
Kijun-Sen- $2401
Gold pared most of its gains despite the weak US dollar. It hit a low of $2399 at the time of writing and is currently trading around $2385.
The probability of a rate cut by the Fed increased after the dismal US jobs data. The easing US treasury yield and weak US dollar support the precious metal at lower levels.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 81.50% from 11.50% a week ago.
US dollar index- Bearish. Minor support is around 102/100.80. The near-term resistance is 103.40/104.
Factors to watch for gold price action-
Global stock market- Bearish (bullish for gold)
US dollar index - Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2368, a break below the target of $2350/$$2340. The yellow metal faces minor resistance around $2400 and a breach above will take it to the next level of $2420/$2440/$2450/$2475/$2480.
It is good to buy on dips around $2365 with an SL of around $250 for a TP of $2440.
