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Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2328.44
Kijun-Sen- $2309
Gold pared some of its gains after the strong US inflation. The yellow metal hit a high of $2319 yesterday and is currently trading around $2336.84.
The annual CPI rose 3.5% in Mar (the biggest gain since Sep 2023), compared to an estimate of 3.4%. Core CPI surged 0.40% in March vs. the Estimate of 0.30%. Fed minutes show that the central bank needs more evidence that inflation is cooling.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 81.40% from 37.70% a week ago.
US dollar index- Bullish. 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 $2330, 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.
