FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2310

Kijun-Sen- $2300

Gold gained sharply and hit a fresh all-time high on upbeat US jobs data. The yellow metal hit a low of  $2353 yesterday and is currently trading around $2334.

The US economy added 303000 jobs in Mar, compared to a forecast of 212000. The Unemployment rate declined to 3.8% from 3.9%.   

Major US economic data for this week to watch out for - US CPI (1:30 pm GMT Apr 10th )

US PPI (1:30 pm GMT Apr 11th, 2024), FOMC minutes meeting  ( Apr 11th, 7:00 pm GMT).

  According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June decreased to 46.2% from  55.2% a week ago.

 US dollar index-  Bearish. Minor support around 103.80/103. 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 - Bearish (Bullish  for gold)

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

Technical:

The near–term support is around $2320, a break below targets of $2300/$2280/$2267/$2250/$2228. The yellow metal faces minor resistance around $2355 and a breach above will take it to the next level of $2400/$2420.

It is good to buy on dips around $2300 with SL around $2267 for TP of $2400.