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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2299
Kijun-Sen- $2306
Gold showed a minor pullback after the dismal US Nonfarm payrolls data. It hit a high of $2320.74 yesterday and is currently trading around $2316.8.
US economic data
US Non-farm payroll- Weak (Bullish for gold)
The dismal US jobs data has increased the chance of a rate cut by the Fed this year.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.6% from 88.90% a week ago.
US dollar index- Bearish. Minor support around 104.50/103.80. The near-term resistance is 105.50/106.50.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (positive for gold)
US10-year bond yield- Bearish (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 $2330 and a breach above will take it to the next level of $2350/$2375/$2400/$2420/$2450.
It is good to buy on dips around $2300 with SL around $2280 for TP of $2400.
