FxWirePro- Gold Daily Outlook

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.