FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2311.96

Kijun-Sen- $2304.73

Gold gained sharply amid improved risk appetite. It hit a high of $2332 yesterday and is currently trading around $2319.75.

The market sentiment improved due to easing tension in the Middle East. Markets eye ceasefire talk progress between Israel and Gaza.

 According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.3% from 90.3% a week ago.

Economic data for the day

 US dollar index- Bearish. Minor support around 104.50/103.75. The near-term resistance is 106.50/107.40.

   Factors to watch for gold price action-

   Global stock market- Bearish (positive for gold)

  US dollar index - Bearish (positive for gold)

  US10-year bond yield- Bearish (positive for gold)

Technical:

The near–term support is around $2280, a break below the targets of $2260/$2225/$2195. The yellow metal faces minor resistance around $2320 and a breach above will take it to the next level of $2350/$2375/$2400/$2420/$2450.

It is good to buy on dips around $2300 with SL around $2280 for TP of $2400.