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Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2316.05
Kijun-Sen- $2317.06
Gold lost its shine on the strong US dollar. It hit a low of $2281.74 at the time of writing and is currently trading around $2287.
The central bank is expected to keep rates unchanged within their current range of 5.25%-5.50%. All eyes will be on the Fed’s dot plot for further movement.
According to the CME Fed watch tool, the probability of a no-rate cut in May increased to 98.40% from 95.90% a week ago.
Conference Board consumer confidence declines to 97 in Apr vs. an Estimate of 104.
Economic data for the day
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)
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 $2280, a break below the targets of $2260/$2225/$2195. The yellow metal faces minor resistance around $2320 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 $2300 with SL around $2325 for TP of $2200.
