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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2332.85
Kijun-Sen- $2325.39
Gold gained sharply after weak US jobs data. It hit a high of $2370.40 at the time of writing and is currently trading around $2366.
US initial jobless claims rose 22000 to 231k in the week ending May 4th, compared to a forecast of 210k. The weak US jobs renewed the chance of a rate cut by the Fed in June.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 50.3% from 48.90% a day ago.
US dollar index- Bullish. Minor support around 104.50/103.75. The near-term resistance is 106/107.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2345, a break below the targets of $2320/$2300. The yellow metal faces minor resistance around $2375 and a breach above will take it to the next level of $2400/$2420/$2450.
It is good to buy on dips around $2330-32 with SL around $2315 for a TP of $2400.
