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.


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Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close
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UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures
European Stocks Rally on Chinese Growth and Mining Merger Speculation
Bank of America Posts Strong Q4 2024 Results, Shares Rise
Geopolitical Shocks That Could Reshape Financial Markets in 2025 



