Gold trades weak after hawkish Fed remarks.
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US Philly Fed manufacturing index- positive
(bullish for Gold)
The strong us economic data and upbeat US
inflation have decreased the chance of a June
rate cut by the Fed.
According to the CME Fed watch tool, the
probability of a no-rate cut in June increased
to 85.10% from 71.70% a week ago
JS dollar index- Bullish. Minor support around
105.80/105. The near-term resistance is
106.50/107.40.
Technical:
The near-term support is around $2350, a
break below targets of $2340. The yellow metal
faces minor resistance around $2375 and a
breach above will take it to the next level of
$2400/$2420/$2450.
Signal
Buy $2340 with SL around $2319 for TP of $2390.