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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2356.23
Kijun-Sen- $2340
Gold lost its shine on the strong US dollar. It hit a low of $2346 at the time of writing and is currently trading around $2348.50.
Markets eye US CPI data on Wednesday for further direction. Any upbeat US inflation will decrease the chance of a rate cut by the Fed in June.
The disappointing US non-farm payrolls and the dismal US jobless claims have increased the probability of a rate cut by the Fed.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 96.5% from 91.6% a week 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.
