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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2190.06
Kijun-Sen- $2184.54
Gold pared some of its gains after hitting an all-time high. The yellow metal hit a low of $2162 at the time of writing and is currently trading around $2166.
US economic data -
US initial jobless claims- came above expectations ( negative for gold)
Philadelphia fed manufacturing index - weak (positive for gold)
Central bank-
Swiss National Bank cuts rates by 25 bpbs (positive for Gold)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June % increased to 65.9% from 54.6% a week ago.
US dollar index- Bullish. Minor support around 103.40/102.70. The near-term resistance is 104.25/105.
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 $2160, a break below targets of $2145/$2130/$2114/$2100. The yellow metal faces minor resistance around $2180 and a breach above will take it to the next level of $2200/$2225/$2250.
It is good to sell on rallies around $2172-75 with SL around $2200 for TP of $2100.
