FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2285.05

Kijun-Sen- $2247

Gold hit a fresh all-time high on escalation of geo-political tensions and early rate cut. The yellow metal hit a high of  $2304 yesterday and is currently trading around $2293.11.

US economic data-

US ADP employment- Positive (Bullish for Gold)

US ISM services PMI - weak (bearish for Gold)

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 $2285, a break below targets of $2275/$2265/$2228. The yellow metal faces minor resistance around $2305 and a breach above will take it to the next level of $2325/$2340.

It is good to buy on dips around $2250 with SL around $2228 for TP of $2300/$2325.