FxWirePro- Gold Dailty Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2286.75

Kijun-Sen- $2267.12

Gold pared some of its gains ahead of the US Nonfarm payroll. The yellow metal hit a low of  $2267 yesterday and is currently trading around $2279.

The US economy is expected to add 213000 jobs in Mar from 275000 jobs the previous month. While the unemployment rate fell to 3.8% from 3.9% in Feb.  

US economic data-

US Initial jobless claims- Positive (Bullish for Gold)

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June decreased to 65.4% from  55.20% a week ago.

 US dollar index-  Bullish. Minor support around 104.65/104. The near-term resistance is 105.20/106.

 Factors to watch for gold price action-

   Global stock market- Bullish  (negative for gold)

  US dollar index - Bullish (Bearish  for gold)

  US10-year bond yield- Bullish (negative for gold)

Technical:

The near–term support is around $2265, a break below targets of $2250/$2228. The yellow metal faces minor resistance around $2305 and a breach above will take it to the next level of $2325/$2340.

It is good to buy on dips around $2250 with SL around $2228 for TP of $2300/$2325.