Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2303.19
Kijun-Sen- $2261
Gold hits an all-time high despite a surge in US treasury yields. The yellow metal hit a high of $2319 yesterday and is currently trading around $2336.84.
US economic data-
US PPI - weak (Positive for Gold)
US initial jobless claims- Strong (Positive for gold)
Economic data to be released today-
Prelim UoM consumer sentiment (3:00 pm GMT)
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 23.80% from 59.10% 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 $2380, a break below targets of $2360/$2350/$2318/$2300. The yellow metal faces minor resistance around $2400 and a breach above will take it to the next level of $2420/$2450.
It is good to buy on dips around $2338-40 with SL around $2319 for TP of $2400.


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