Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2303.19
Kijun-Sen- $2261
Gold pared most of its gains after hitting a fresh all-time high. The yellow metal hit a low of $2324 yesterday and is currently trading around $2371.15.
The strong US inflation has increased the chance of the Fed delaying rate cuts. Markets eye Israel's reaction to Iran's attack. Any escalation of tension in the Middle East will push gold prices higher on safe-haven demand.
US economic data-
US Retail sales - Strong (Negative for Gold)
Economic data to be released today-
US building permits (12:30 pm GMT)
US industrial production (1:15 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 77% from 42.60% a week ago.
US dollar index- Bullish. Minor support around 105.80/105. The near-term resistance is 106.50/107.40.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2350, a break below targets of $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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