FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2187.10

Kijun-Sen- $2178.94

Gold has traded in a narrow range between $2157 and $2200 for the past four days. The yellow metal hit a high of  $2200 yesterday and is currently trading around $2193.52.

"There is no rush to cut the policy rate" right now, Fed Governor Waller said in a speech at an Economic Club of New York gathering. Recent data "tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%."

US Final GDP Q/Q (12:30 pm GMT)

Unemployment claims

 Chicago PMI (1:45 pm GMT)

According to the CME Fed watch tool, the probability of a no-rate cut in  June % increased to 36% from 29.8% a day 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 $2170, a break below targets of $2157/$2145/$2130/$2114/$2100. The yellow metal faces minor resistance around $2181 and a breach above will take it to the next level of $2200/$2225/$2250.

It is good to buy on dips around $2160 with SL around $2140 for TP of $2200.