FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2347

Kijun-Sen- $2356

Gold lost its shine after hitting a fresh all-time high. It hit a low of  $2295 yesterday and is currently trading around $2362.

The hawkish Fed outlook and easing of geo-political tension in the Middle East has decreased demand for safe-haven assets like gold.

According to the CME Fed watch tool, the probability of a no-rate cut in  June increased to 84.80% from  78.70% 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 $2300, a break below targets of $2260/$2225/$2195. The yellow metal faces minor resistance around $2325 and a breach above will take it to the next level of $2350/$2375/$2400/$2420/$2450.

It is good to sell on rallies around $2338-40 with SL around $2375 for TP of $2200.