Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2328.44
Kijun-Sen- $2309
Gold hits a fresh all-time high ahead of US CPI. The yellow metal hit a high of $2365 yesterday and is currently trading around $2356.63.
The economists predict a 3.7% y/y jump in core CPI from 3.8% the previous month. Core CPI is expected to come in at 0.30% m/m vs. 0.40% in February.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 50.8% from 61.5% a week ago.
US dollar index- Bearish. Minor support around 103.80/103. The near-term resistance is 105.20/106.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (Bullish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2340, a break below targets of $2318/$2300/$2280/$2267/$2250/$2228. The yellow metal faces minor resistance around $2365 and a breach above will take it to the next level of $2400/$2420.
It is good to buy on dips around $2320 with SL around $2300 for TP of $2400.


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