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Global Markets React to Strong U.S. Jobs Data and Rising Yields 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Wall Street Analysts Weigh in on Latest NFP Data 
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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2333.45
Kijun-Sen- $2328.92
Gold pared some of its gains ahead of the US FOMC meeting. It hit a low of $2317.50 at the time of writing and is currently trading around $2318.34.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 88.40% from 83.50% a week ago.
Economic data for the day
Apr 30th, 2024, Chicago PMI (1:45 pm GMT)
US CB consumer confidence (2 pm GMT)
S&P/CS Composite-20 HPI y/y (1 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.
