U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
Bank of America Posts Strong Q4 2024 Results, Shares Rise 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Wall Street Analysts Weigh in on Latest NFP Data 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
US Gas Market Poised for Supercycle: Bernstein Analysts 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
China's Refining Industry Faces Major Shakeup Amid Challenges 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2380.70
Kijun-Sen- $2377.97
Gold gained slightly after a massive sell-off. The yellow metal lost its shine after upbeat US inflation data. It hit a low of $2324 and is currently trading around $2380.05.
Fed Chairman Powell said that conditions needed to cut rates would likely take longer to appear. Markets eye Israel’s response to Iran for further movement. Any escalation in Middle East tension will push gold prices higher.
Economic data to be released today-
FOMC Member Mester Speaks
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 84.8% from 42.60% a week ago.
US dollar index- Bullish. Minor support around 105.80/105. 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 - Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2370, a break below targets of $2350/$2318/$2300. The yellow metal faces minor resistance around $2400 and a breach above will take it to the next level of $2420/$2450.
It is good to buy on dips around $2338-40 with SL around $2319 for TP of $2400.
