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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
