Global Markets React to Strong U.S. Jobs Data and Rising Yields 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One 
Wall Street Analysts Weigh in on Latest NFP Data 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
China's Refining Industry Faces Major Shakeup Amid Challenges 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Bank of America Posts Strong Q4 2024 Results, Shares Rise 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Gold -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2360.51
Kijun-Sen- $2371
Gold edged lower after Powell's speech. It hit a low of $2349 yesterday and is currently trading around $2372.
Powell said, “Over the past two years, the economy has made considerable progress toward the Federal Reserve's 2 percent inflation goal, and labor market conditions have cooled while remaining strong. Reflecting these developments, the risks to achieving our employment and inflation goals are becoming better balanced.”
Market eyes the US CPI for further direction.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 70% from 68.40% a week ago.
US dollar index- Bullish. Minor support around 105.50/104. The near-term resistance is 106.20/107.
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 $2350, a break below the target of $2340/$2320. The yellow metal faces minor resistance around $2370 and a breach above will take it to the next level of $2400/$2425/$2448.
It is good to buy on dips around $2350 with an SL of around $2330 for a TP of $2400..
