FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2333.45

Kijun-Sen- $2328.92

Gold pared some of its gains ahead of the  US FOMC meeting. It hit a low of $2317.50 at the time of writing and is currently trading around $2318.34.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 88.40% from 83.50% a week ago.

Economic data for the day

Apr 30th, 2024, Chicago PMI (1:45 pm GMT)

US CB consumer confidence (2 pm GMT)

 S&P/CS Composite-20 HPI y/y (1 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.