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Ichimoku Analysis (4-hours Chart)
Tenken-Sen- $1884.65
Kijun-Sen- $1911.92
Gold continues to trade weak ahead of Fed monetary policy. According to the Fed watch tool, the probability for a 50 bpbs rate hike in June has increased to 90% from 83.6% a week ago. Markets eye FED QT plan for further direction. The yellow metal hits an intraday low of $1854 and is currently trading around $1860.
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 $1850, a breach below targets $1800/$1750. Significant reversal only below $1750.The yellow metal faces strong resistance of $1875, any breach above will take to the next level $1900/$1920.
It is good to sell on rallies around $1900 with SL around $1925 for TP of $175
