FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2328.44

Kijun-Sen- $2309

Gold hits fresh all-time high, on rate cut hopes. The yellow metal hit a high of  $2357 at the time of writing and is currently trading around $2356.63.

Any jump in US CPI will delay an early rate cut and it will have a negative impact on Gold.   

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 $2320 with SL around $2300 for TP of $2400.