Gold showed a nice jump above $2500 on rate-cut hopes. It hit a high of $2515 at the time of writing and is currently trading around $2509.65.
The yellow metal is trading above 34 and below 55 H EMA in the 4-hour chart ($2502.15 and $2502.96). Intraday weakness can be seen only if it breaks below $2485. A break below targets $2470/$2450 is possible.
US dollar index- It is consolidating between 101.91 and 100.58 for the past week. Any close above 102 confirms minor bullishness.
The yellow metal faces minor resistance around $2515, breach above will take it to the next level of $2525/$2530.
It is good to buy on dips around $2494-95 with SL around $2485 for a TP of $2520.
