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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2374.63
Kijun-Sen- $2364.82
Gold gained momentum on board-based US dollar selling. It hit a high of $2397 yesterday and is currently trading around $2388.46.
US economic data -
US CPI- weak (positive for gold)
US retail sales- weak (Positive for gold)
Major economic data for the day
May 15th, 2024, US CPI, retail sales (12:30 pm GMT)May 16th, 2024, US jobless claims, Building permits, Philly Fed Manufacturing Index (12:30 pm GMT)
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 97.3% from 91.3% a week ago.
US dollar index- Bearish. 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 - Bearish (positive for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2368, a break below the targets of $2345/$2320/$2300. The yellow metal faces minor resistance around $2360 and a breach above will take it to the next level of $2375/$2400/$2420/$2450.
It is good to buy on dips around $2370-75 with SL around $2350 for TP of $2450
