dxdIchimoku Analysis (4 Hour chart)
Tenken-Sen- $2336.37
Kijun-Sen- $2322.10
Gold pared some of its gains after upbeat US inflation. It hit a high of $2352 yesterday and is currently trading around $2332.63.
US economic data
US PCE- Positive (Bearish for Gold)
UoM consumer sentiment- Weak (Positive for gold)
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 88.40% from 88.9% a week ago.
Economic data for the week
Apr 30th, 2024, Chicago PMI (1:45 pm GMT)
US CB consumer confidence (2 pm GMT)
May 1st, 2024, ADP employment change (12:15 pm GMT)
US ISM manufacturing PMI (1:45 pm GMT)
Federal funds rate (6:00 pm GMT)
May 2nd, 2024, US Initial jobless claims (12:30 pm GMT)
May 3rd, 2024, US Non-farm payroll (12:30 pm GMT)
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 $2350 and a breach above will take it to the next level of $2375/$2400/$2420/$2450.
It is good to sell on rallies around $2368-70 with SL around $2400 for TP of $2200.


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