UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One 
China's Refining Industry Faces Major Shakeup Amid Challenges 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Stock Futures Dip as Investors Await Key Payrolls Data 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
US Gas Market Poised for Supercycle: Bernstein Analysts 
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2358
Kijun-Sen- $2387
Gold lost its shine after strong US data. It hit a low of $2325 at the time of writing and is currently trading around $2339.78.
The US S&P Global Composite flash manufacturing PMI rose to 50.9 in May, compared to a forecast of 50. While the flash services PMI surged to 54.8 Vs. Estimate of 51.20.
US new home sales fell 4.7% to an annual rate of 634000 in Apr, below the revised rate of 665000.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.70% from 91.1% 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 - Bullish (negative for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2325, a break below the targets of $2300/$2285/$2270. The yellow metal faces minor resistance around $2350 and a breach above will take it to the next level of $2375/ $2400/$2420/$2450.
It is good to buy on dips around $2300 with SL around $2270 for TP of $2500.
