China's Refining Industry Faces Major Shakeup Amid Challenges 
UBS Projects Mixed Market Outlook for 2025 Amid Trump Policy Uncertainty 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One 
2025 Market Outlook: Key January Events to Watch 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
US Gas Market Poised for Supercycle: Bernstein Analysts 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2316.05
Kijun-Sen- $2317.06
Gold lost its shine on the strong US dollar. It hit a low of $2281.74 at the time of writing and is currently trading around $2287.
The central bank is expected to keep rates unchanged within their current range of 5.25%-5.50%. All eyes will be on the Fed’s dot plot for further movement.
According to the CME Fed watch tool, the probability of a no-rate cut in May increased to 98.40% from 95.90% a week ago.
Conference Board consumer confidence declines to 97 in Apr vs. an Estimate of 104.
Economic data for the day
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)
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 $2280, a break below the targets of $2260/$2225/$2195. The yellow metal faces minor resistance around $2320 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 $2300 with SL around $2325 for TP of $2200.
