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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2384
Kijun-Sen- $2364
Gold showed a minor sell-off after US jobless claims. It hit a low of $2371 yesterday and is currently trading around $2387.
The number of people who have filed for unemployment benefits declined by 10000 to 222000 in the week ending May 11, compared to the forecast of 219000. The four-week moving average for new claims rose by 2500 to 217750 from an average of 215250.
US economic data
Building permits - Weak (negative for gold)
Philly Fed Manufacturing Index - weak (bearish for Gold)
Markets eye FOMC member Waller's speech for further movement.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 91.3% from 96.5% a week ago.
US dollar index- Bearish. 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 $2368, a break below the targets of $2345/$2320/$2300. The yellow metal faces minor resistance around $2400 and a breach above will take it to the next level of $2420/$2450/$2500.
It is good to buy on dips around $2321-23 with SL around $2300 for TP of $2400.
