FxWirePro-Gold Daily Outlook

dxdIchimoku Analysis (4 Hour chart)

Tenken-Sen- $2336.37

Kijun-Sen- $2322.10

Gold pared some of its gains after upbeat US inflation. It hit a high of $2352 yesterday and is currently trading around $2332.63.

US economic data

US PCE- Positive (Bearish for Gold)

UoM consumer sentiment- Weak (Positive for gold)

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 88.40% from 88.9% a week ago.

Economic data for the week

Apr 30th, 2024, Chicago PMI (1:45 pm GMT)

US CB consumer confidence (2 pm GMT)

May 1st, 2024, ADP employment change (12:15 pm GMT)

US ISM manufacturing PMI (1:45 pm GMT)

Federal funds rate (6:00 pm GMT)

May 2nd, 2024, US Initial jobless claims (12:30 pm GMT)

May 3rd, 2024, US Non-farm payroll (12:30 pm GMT)

 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 $2350 and a breach above will take it to the next level of $2375/$2400/$2420/$2450.

It is good to sell on rallies around $2368-70 with SL around $2400 for TP of $2200.