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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2186.28
Kijun-Sen- $2184.54
Gold surged sharply and hit a fresh all-time high on broad-based US dollar selling. The US Fed kept its rates unchanged and hinted at three rate cuts this year. It has revised up PCE inflation to 2.6%. The dovish comments from the Fed Chairman pushed the yellow metal further upside. The yellow metal hit a high of $2222 at the time of writing and is currently trading around $2207.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June increased to 67.4% from 55.6% a day ago.
US dollar index- Bearish. Minor support around 103/102.30. 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 $2190, a break below the level targets of $2174/$2160/$2145. The yellow metal faces minor resistance around $2225 and a breach above will take it to the next level of $2250/$2300.
It is good to buy on dips around $2160 with SL around $2145 for TP of $2225.
