FxWirePro-Gold Daily Outlook

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.