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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.
