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Gold Daily Outlook
Ichimoku Analysis (4-hour chart)
Gold fell drastically and lost more than $70 ahead of US fed policy. US Yearly inflation dropped to 10.8% compared to a forecast of 10.9%.y the Fed. Markets eye US Fed monetary policy tomorrow for further direction. According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Jun increased to 96.5% from 3.9 % a week ago. It hits a low of $1805 and is currently trading around $1814.63.
Factors to watch for gold price action:
Global stock market- Bearish (Positive for gold)
US dollar index –Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
The near–term support is around $1800, a breach below targets $1780/$1750. Significant reversal only below $1750. A dip to $1700/$1689 is possible. The yellow metal faces strong resistance of $1837, any breach above will take it to the next level of $1850/$1900/$1920.
It is good to sell on rallies around $1828-30 with SL around $1851 for TP of $1750.