Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2428
Kijun-Sen- $2401
Gold pared some of its gains after hitting an all-time high of $2450. It hit a low of $2450 at the time of writing and is currently trading around $2419.
Fed Vice Chair Philip Jefferson said that it is too early to say the slowdown in inflation will be long-lasting. Fed Vice Chairman Barr stated “These results did not provide me with the increased confidence that I was hoping to find to support easing monetary policy by reducing the federal funds rate,”
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 96.4% from 96.5% a week ago.
US dollar index- Bearish. Minor support around 104/103. The near-term resistance is 105/106.50.
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 $2400, a break below the targets of $$2365/$2342. The yellow metal faces minor resistance around $2450 and a breach above will take it to the next level of $2475/$2500.
It is good to buy on dips around $2362-63 with SL around $2340 for a TP of $2500.


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