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.
