FxWirePro- Gold Daily Outlook

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.