FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2190.06

Kijun-Sen- $2184.54

Gold pared some of its gains after hitting an all-time high. The yellow metal hit a low of  $2162 at the time of writing and is currently trading around $2166.
US economic data - 

US initial jobless claims- came above expectations ( negative for gold)

Philadelphia fed manufacturing index - weak (positive for gold)

Central bank- 

Swiss National Bank cuts rates by 25 bpbs (positive for Gold)

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June % increased to 65.9% from 54.6% a week ago.

 US dollar index-  Bullish. Minor support around 103.40/102.70. The near-term resistance is 104.25/105.
  
 Factors to watch for gold price action-
     
   Global stock market- Bullish  (negative for gold)

  US dollar index - Bullish (Bearish  for gold)

  US10-year bond yield- Bullish (negative for gold)

Technical:

The near–term support is around $2160, a break below targets of $2145/$2130/$2114/$2100. The yellow metal faces minor resistance around $2180 and a breach above will take it to the next level of $2200/$2225/$2250.

 It is good to sell on rallies around $2172-75 with SL around $2200 for TP of $2100.