Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2334.82
Kijun-Sen- $2338.20
Gold showed a minor pullback on soft US ISM manufacturing PMI. It hit a high of $2351 yesterday and is currently trading around $2338.42.
US economic data-
US ISM PMI - Weak (positive for gold)
Markets eye US JOLTS jobs opening for further movement.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.9% from 99.10% a week ago.
US dollar index- Bearish. Minor support around 104/103. The near-term resistance is 105/106.50.
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 $2320, a break below the targets of $2300/$2285/$2270/$2250. The yellow metal faces minor resistance around $2340 and a breach above will take it to the next level of $2360/$2375/ $2400/$2420/$2450.
It is good to buy on dips around $2300 with SL around $2270 for TP of $2500.
