Technicals Over Tightening: Ethereum Rebounds from $2,356 Low After Fed Shock 
FxWirePro: GBP/USD falls to six-week ,vulnerable to more downside 
Major Pair Currency Score: EURUSD and GBPUSD Extremely Bearish, USDCAD and USDCHF Extremely Bullish 
FxWirePro- Major Pair levels and bias summary 
FxWirePro- Major Crypto levels and bias summary 
JPY Major Currency Score: GBPJPY, EURJPY, NZDJPY, AUDJPY, CADJPY, and CHFJPY show a bearish trend 
FxWirePro- Major Crypto levels and bias summary 
FxWirePro- Woodies Pivot (Major) 
FxWirePro: EUR/NZD edges lower, but outlook remain bullish 
FxWirePro: USD/JPY dips as yen firms ahead of expected BoJ rate hike 
NZDJPY: Bearish Trend Favors Sellers on Rallies Near 90.18-20 Resistance 
FxWirePro: USD/ZAR slips as rand benefits from steady commodity prices 
Pressure on the Rupee: INR Slides to Seven-Week Low Amid Triple Macro Threat 
FxWirePro: NZD/USD gains on GDP beat,but downside trend holds 
FxWirePro: USD/ZAR edges higher as market brace for Fed rate decision 
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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2374.63
Kijun-Sen- $2364.82
Gold gained momentum on board-based US dollar selling. It hit a high of $2397 yesterday and is currently trading around $2388.46.
US economic data -
US CPI- weak (positive for gold)
US retail sales- weak (Positive for gold)
Major economic data for the day
May 15th, 2024, US CPI, retail sales (12:30 pm GMT)May 16th, 2024, US jobless claims, Building permits, Philly Fed Manufacturing Index (12:30 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 97.3% from 91.3% a week ago.
US dollar index- Bearish. Minor support around 104.50/103.75. The near-term resistance is 106/107.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2368, a break below the targets of $2345/$2320/$2300. The yellow metal faces minor resistance around $2360 and a breach above will take it to the next level of $2375/$2400/$2420/$2450.
It is good to buy on dips around $2370-75 with SL around $2350 for TP of $2450
