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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2389.42
Kijun-Sen- $2386.35
Gold trades weak after hawkish Fed remarks. It hit a low of $2351 at the time of writing and is currently trading around $2362.
US Philly Fed manufacturing index- positive (bullish for Gold)
The strong US economic data and upbeat US inflation have decreased the chance of a June rate cut by the Fed.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 85.10% from 71.70% a week ago.
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 $2350, a break below targets of $2318/$2300. The yellow metal faces minor resistance around $2375 and a breach above will take it to the next level of $2400/$2420/$2450.
It is good to buy on dips around $2338-40 with SL around $2319 for TP of $2400.
