FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2428

Kijun-Sen- $2401

Gold pared some of its gains after hitting an all-time high of $2450. It hit a low of $2450 at the time of writing and is currently trading around $2419.

Fed Vice Chair Philip Jefferson said that it is too early to say the slowdown in inflation will be long-lasting. Fed Vice Chairman Barr stated “These results did not provide me with the increased confidence that I was hoping to find to support easing monetary policy by reducing the federal funds rate,”

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 96.4% from 96.5% a week ago.

  US dollar index- Bearish. Minor support around 104/103. The near-term resistance is 105/106.50.

   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 $2400, a break below the targets of $$2365/$2342. The yellow metal faces minor resistance around $2450 and a breach above will take it to the next level of $2475/$2500.

It is good to buy on dips around $2362-63 with SL around $2340 for a TP of $2500.