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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2171.68
Kijun-Sen- $2185.05
Gold showed a minor sell-off after hitting an all-time high. The yellow metal hit a low of $2157 yesterday and is currently trading around $2166.
Last week yellow metal was one of the best performers after the dovish Fed rate pause. The central bank dot plot shows that there will be three 25 bpbs rate cut this year.
Central bank-
Swiss National Bank cuts rates by 25 bpbs (positive for Gold)
BOE holds rates steady at 5.25% and hints at further rate cuts as inflation eases sharply (positive for Gold).
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June % increased to 67.2% from 55.2% a week ago.
US dollar index- Bullish. Minor support around 103.40/102.70. The near-term resistance is 104.25/105.
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 $2157, a break below targets of $2145/$2130/$2114/$2100. The yellow metal faces minor resistance around $2180 and a breach above will take it to the next level of $2200/$2225/$2250.
It is good to sell on rallies around $2172-75 with SL around $2200 for TP of $2100.
