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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2321
Kijun-Sen- $2354.72
Gold trades in a narrow range after a massive sell-off.It hit a high of $2337 yesterday and is currently trading around $2320.86.
US economic data
US durable goods orders- Positive (Bullish for Gold)
New home sales- Strong (Positive for gold)
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 83.10% from 81.80% a week ago.
Economic data for the day
Apr 25th, 2024, US advance GDP q/q (12:30 pm GMT)
US initial jobless claims
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 $2300, a break below targets of $2260/$2225/$2195. The yellow metal faces minor resistance around $2340 and a breach above will take it to the next level of $2350/$2375/$2400/$2420/$2450.
It is good to sell on rallies around $2338-40 with SL around $2375 for TP of $2200.
