Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2310
Kijun-Sen- $2300
Gold gained sharply and hit a fresh all-time high on upbeat US jobs data. The yellow metal hit a low of $2353 yesterday and is currently trading around $2334.
The US economy added 303000 jobs in Mar, compared to a forecast of 212000. The Unemployment rate declined to 3.8% from 3.9%.
Major US economic data for this week to watch out for - US CPI (1:30 pm GMT Apr 10th )
US PPI (1:30 pm GMT Apr 11th, 2024), FOMC minutes meeting ( Apr 11th, 7:00 pm GMT).
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 46.2% from 55.2% a week ago.
US dollar index- Bearish. Minor support around 103.80/103. 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 - Bearish (Bullish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2320, a break below targets of $2300/$2280/$2267/$2250/$2228. The yellow metal faces minor resistance around $2355 and a breach above will take it to the next level of $2400/$2420.
It is good to buy on dips around $2300 with SL around $2267 for TP of $2400.


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