FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2321
 

Kijun-Sen- $2354.72

Gold trades in a narrow range after a massive sell-off.It hit a high of $2337 yesterday and is currently trading around $2320.86.

US economic data

US durable goods orders- Positive (Bullish for Gold)

New home sales- Strong (Positive for gold)

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 83.10% from 81.80% a week ago.

Economic data for the day

Apr 25th, 2024, US advance GDP q/q (12:30 pm GMT)

US initial jobless claims

 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 $2340 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.