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Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $2337.38
Kijun-Sen- $2343.28
Gold trades flat ahead of US PCE data. It hit a low of $2328 at the time of writing and is currently trading around $2334.50.
The US real gross domestic product in the first quarter came at 1.3% below forecast of 1.6%
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.9% from 98.90% 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- Bullish (negative for gold)
Technical:
The near–term support is around $2320, a break below the targets of $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 $2300 with SL around $2270 for TP of $2500.
