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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2375.64
Kijun-Sen- $2377.97
Gold trades weak after upbeat US inflation data. It hit a low of $2324 and is currently trading around $2378.
Fed Cleveland president Mester said that We Want To Get More Information Before We Can Say Inflation Is On A Sustainable Path To 2% and current inflation is higher than expected.
Economic data to be released today-
Unemployment claims (12:30 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 83.2% from 82.7% a day ago
US dollar index- Bullish. Minor support around 105.80/105. The near-term resistance is 106.50/107.40.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2370, a break below targets of $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.
