FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2250.73

Kijun-Sen- $2228.32

Gold hits an all-time high despite the strong US dollar. The yellow metal hit a high of  $2265.40 at the time of writing and is currently trading around $2258.

US Final GDP Q/Q - Strong (positive for Gold)

Unemployment claims - Strong (Bullish for Gold)

US PCE- weak (positive for Gold)

 Chicago PMI - weak (negative for Gold)

According to the CME Fed watch tool, the probability of a no-rate cut in  June increased to 66% from 55.20% a day ago.

 US dollar index-  Bullish. Minor support around 103.40/102.70. The near-term resistance is 105/106.

 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 $2250, a break below targets of $2228/$2215/$2200. The yellow metal faces minor resistance around $2265 and a breach above will take it to the next level of $2300/$2325.

It is good to buy on dips around $2215-16 with SL around $2200 for TP of $2265/$2300.