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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2247.16
Kijun-Sen- $2217.71
Gold pared some of its gains after upbeat US economic data. The yellow metal hit a low of $2228 yesterday and is currently trading around $2261.15.
US ISM manufacturing index expanded in March to 50.30 after 16 months of contraction, compared to a forecast of 48.50.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 62.10% 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.
