FxWirePro - Gold Daily Outlook

Ichimoku Analysis (4-Hour Chart)

Tenken-Sen: $2347.97
Kijun-Sen: $2342.65

Current Price: Gold gained momentum despite strong US inflation data. It hit a high of $2361 and is currently trading around $2359.90.

US Economic Data

• US PPI: Strong (negative for gold)

Major Economic Data for the Day (May 15th, 2024):

• US CPI: Scheduled release at 12:30 pm GMT
• Retail Sales: Scheduled release at 12:30 pm GMT

CME Fed Watch Tool

• The probability of a no-rate cut in June increased to 96.7% from 91.3% a week ago.

US Dollar Index

• Current Trend: Bearish
• Support Levels: 104.50 / 103.75
• Resistance Levels: 106 / 107

Factors to Watch for Gold Price Action

• Global Stock Market: Bullish (negative for gold)
• US Dollar Index: Bearish (positive for gold)
• US 10-Year Bond Yield: Bearish (positive for gold)

Technical Analysis

• Support Levels:

  • Near-term support: $2330
  • Further targets: $2320 / $2300

• Resistance Levels:

  • Minor resistance: $2360
  • Further targets: $2375 / $2400 / $2420 / $2450

Trading Strategy

• Buy on Dips: Around $2330-32
• Stop Loss (SL): Around $2315
• Target Price (TP): $2400