FxWirePqro- Gold Daily Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2389.42

Kijun-Sen- $2386.35

Gold trades weak after hawkish Fed remarks. It hit a low of  $2351 at the time of writing and is currently trading around $2362.

US Philly Fed manufacturing index- positive (bullish for Gold)

The strong US economic data and upbeat  US inflation have decreased the chance of a June rate cut by the Fed.

According to the CME Fed watch tool, the probability of a no-rate cut in  June increased to 85.10% from  71.70% 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 $2350, a break below targets of $2318/$2300. The yellow metal faces minor resistance around $2375 and a breach above will take it to the next level of $2400/$2420/$2450.

It is good to buy on dips around $2338-40 with SL around $2319 for TP of $2400.