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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2313
Kijun-Sen- $2354.72
Gold showed a minor bounce from a two-week low. It hit a high of $2332 yesterday and is currently trading around $2320.86.
The US Richmond fed manufacturing index slowed in April to -7 in line with the estimate vs the previous month's -11.
US new home sales jumped to a six-month high to a seasonally adjusted annual rate of 693000.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 84.60% from 82.70% a week 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 $2300, a break below targets of $2260/$2225/$2195. The yellow metal faces minor resistance around $2325 and a breach above will take it to the next level of $2350/$2375/$2400/$2420/$2450.
It is good to sell on rallies around $2338-40 with SL around $2375 for TP of $2200.
