FxWirePro- Gold Daily Outlook

Ichimoku Analysis (4 Hour chart)

Tenken-Sen- $2350.48

Kijun-Sen- $2344.93

Gold showed a minor jump after dismal US employment data. It hit a high of $2375 yesterday  and is currently trading around $2363.41.

US private sector added 152000 jobs in May,  below the downward revised 188000 in Apr and below the forecast of 175000.

US ISM services PMI - Bullish (negative for Gold)

Markets eye US initial jobless claims and ECB monetary policy  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 - Bearish (positive  for gold)

  US10-year bond yield- Bearish(Positive for gold)

Technical:

The near–term support is around $2340, a break below the target of $2315/$2300/$2285/$2270. The yellow metal faces minor resistance around $2365 and a breach above will take it to the next level of $2375/ $2400/$2420/$2450.

It is good to buy on dips around $2340 with SL around $2315 for TP of $2500.