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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2421.96
Kijun-Sen- $2410.57
Gold is trading in a narrow range ahead of the FOMC meeting minutes. It hit a low of $2408 yesterday and is currently trading around $2416.
Numerous Fed members' hawkish commentary this week confirms that the Fed will keep its rates on hold until inflation cools.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 93.50% from 96.7% a week ago.
Economic data for the day
FOMC meeting minutes (6:00 pm GMT)
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.
