FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2263.30

Kijun-Sen- $2231.62

Gold hit a fresh all-time high on safe-haven demand. The yellow metal hit a low of  $2286 yesterday and is currently trading around $2277.44.

The air strike on the Iran consulate by Israel killed three senior members of Iran's  Revolutionary Guard. This escalated tensions in the Middle East.  US treasury yields surged following strong US economic data increased the bets of an early rate cut

According to the CME Fed watch tool, the probability of a no-rate cut in  June increased to 61.80% from  56.80% a day ago.

 US dollar index-  Bullish. Minor support around 104.65/104. The near-term resistance is 105.20/106.

 Factors to watch for gold price action-

   Global stock market- Bullish  (negative for gold)

  US dollar index - Bullish (Bearish  for gold)

  US10-year bond yield- Bullish (negative for gold)

Technical:

The near–term support is around $2269, a break below targets of $2250/$2228/$2200. The yellow metal faces minor resistance around $2290 and a breach above will take it to the next level of $2300/$2325.

It is good to buy on dips around $2215-16 with SL around $2200 for TP of $2265/$2300.