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Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1966.63
Kijun-Sen- $1969.05
Gold prices showed a minor pullback after forming a double bottom around $1950.The lack of progress in US debt negotiations between the US president and Mcgrathy supports the yellow metal at the lower level. It hits a low of $1954 and is currently trading around $1977.97.
The flash US manufacturing PMI cools in May to 48.50, below the forecast of 50. While services PMI hits a 13-month high of 55 in May.
Major economic data for the day
May 24th, 2023, FOMC Meeting minutes (6 pm GMT)
US dollar index- Bullish. Minor support around 102.30/101.50. The near-term resistance is 103.65/105.
According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in June increased to 31.4% from 28.40% a week ago.
The US 10-year yield pared some of its gains ahead of the US debt deal. The US 10 and 2-year spread narrowed to -56.8 from -108%.
Factors to watch for gold price action-
Global stock market- bullish (negative for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Mixed (neutral for gold)
Technical:
The near–term support is around $1950, a break below targets of $1935/$1900.The yellow metal faces minor resistance around $1970, and a breach above will take it to the next level of $2000/$2020/$2040/$2070/$2100/$2150.
It is good to buy on dips around $1952-53 with SL around $1935 for TP of $2050.
