FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2313

Kijun-Sen- $2354.72

Gold showed a minor pullback on dismal US GDP data. It hit a high of $2344 yesterday and is currently trading around $2342.41.

US economic data

US GDP- Negative (Bearish for Gold)

Pending home sales- Strong (Positive for gold)

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 85.20% from 83.4% a week ago.

Economic data for the day

Apr 26th, 2024, US PCE (12:30 pm GMT)

Revised UoM consumer sentiment (2:00 pm)

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 $2350 and a breach above will take it to the next level of $2375/$2400/$2420/$2450.

It is good to sell on rallies around $2368-70 with SL around $2400 for TP of $2200.