FxWirePro- Gold Daily Outlook

Gold -

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2312.73

Kijun-Sen- $2304.73

Gold is trading flat with no major fundamental factor to push prices higher. It hit a high of $2321 yesterday and is currently trading around $2310.59.

Boston Fed President said on Wednesday that rates should remain longer than expected to make inflation down to 2%.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.3% from 90.7% a week ago.

 US dollar index- Bullish. Minor support around 104.50/103.75. The near-term resistance is 106/107.

   Factors to watch for gold price action-

   Global stock market- Bullish (negative for gold)

  US dollar index - Bullish (negative  for gold)

  US10-year bond yield- Bearish (positive 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 buy on dips around $2300 with SL around $2280 for TP of $2400.