FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2303.19

Kijun-Sen- $2261

Gold hits an all-time high despite a surge in US treasury yields. The yellow metal hit a high of  $2319 yesterday and is currently trading around $2336.84.

US economic data-

US PPI - weak (Positive for Gold)

US initial jobless claims- Strong (Positive for gold)

Economic data to be released today-

Prelim UoM consumer sentiment  (3:00 pm GMT)

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June decreased to 23.80% from  59.10% a week ago.

 US dollar index-  Bullish. 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 $2380, a break below targets of $2360/$2350/$2318/$2300. The yellow metal faces minor resistance around $2400 and a breach above will take it to the next level of $2420/$2450.

It is good to buy on dips around $2338-40 with SL around $2319 for TP of $2400.