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Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2313
Kijun-Sen- $2354.72
Gold showed a minor pullback on dismal US GDP data. It hit a high of $2344 yesterday and is currently trading around $2342.41.
US economic data
US GDP- Negative (Bearish for Gold)
Pending home sales- Strong (Positive for gold)
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 85.20% from 83.4% a week ago.
Economic data for the day
Apr 26th, 2024, US PCE (12:30 pm GMT)
Revised UoM consumer sentiment (2:00 pm)
US dollar index- Bullish. Minor support around 105.80/105. The near-term resistance is 106.50/107.40.
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)
Technical:
The near–term support is around $2300, a break below targets of $2260/$2225/$2195. The yellow metal faces minor resistance around $2350 and a breach above will take it to the next level of $2375/$2400/$2420/$2450.
It is good to sell on rallies around $2368-70 with SL around $2400 for TP of $2200.
