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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2285.05
Kijun-Sen- $2247
Gold hit a fresh all-time high on escalation of geo-political tensions and early rate cut. The yellow metal hit a high of $2304 yesterday and is currently trading around $2293.11.
US economic data-
US ADP employment- Positive (Bullish for Gold)
US ISM services PMI - weak (bearish for Gold)
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 61.80% from 56.80% a day ago.
US dollar index- Bullish. Minor support around 104.65/104. The near-term resistance is 105.20/106.
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 $2285, a break below targets of $2275/$2265/$2228. The yellow metal faces minor resistance around $2305 and a breach above will take it to the next level of $2325/$2340.
It is good to buy on dips around $2250 with SL around $2228 for TP of $2300/$2325.
