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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2286.75
Kijun-Sen- $2267.12
Gold pared some of its gains ahead of the US Nonfarm payroll. The yellow metal hit a low of $2267 yesterday and is currently trading around $2279.
The US economy is expected to add 213000 jobs in Mar from 275000 jobs the previous month. While the unemployment rate fell to 3.8% from 3.9% in Feb.
US economic data-
US Initial jobless claims- Positive (Bullish for Gold)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 65.4% from 55.20% a week ago.
US dollar index- Bullish. Minor support around 104.65/104. The near-term resistance is 105.20/106.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bullish (Bearish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2265, a break below targets of $2250/$2228. The yellow metal faces minor resistance around $2305 and a breach above will take it to the next level of $2325/$2340.
It is good to buy on dips around $2250 with SL around $2228 for TP of $2300/$2325.
