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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2152.15
Kijun-Sen- $2122.58
Gold hits all-time high ahead of US Non-farm payroll. Any dismal jobs data will push the yellow metal further higher. The ECB kept its rates unchanged and hinted at an early rate cut in June due to easing inflation. The yellow metal hit a high of $2164.77 yesterday and is currently trading around $2161.07.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 95% from 96% a week ago.
US dollar index- Bearish. Minor support around 103.40/102.70. The near-term resistance is 104.20/105.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (Bullish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2144, a break below targets of $2120/$2100. The yellow metal faces minor resistance around $2165 and a breach above will take it to the next level of $2180/$2200.
It is good to buy on dips around $2142-44 with SL around $2120 for TP of $2200.
