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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2318.59
Kijun-Sen- $2304.73
Gold traded flat for the past one week between $2280 and $2332. It hit a high of $2321.47 at the time of writing and is currently trading around $2311.93.
The hawkish remarks from the Fed Minneapolis have pushed the US dollar prices higher.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.1% from 90.3% a week ago.
US dollar index- Bearish. Minor support around 104.50/103.75. 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 - Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2280, a break below the targets of $2260/$2225/$2195. The yellow metal faces minor resistance around $2320 and a breach above will take it to the next level of $2350/$2375/$2400/$2420/$2450.
It is good to buy on dips around $2300 with SL around $2280 for TP of $2400.
