Gold lost its shine on the strong Us dollar.
Read Till End
The central bank is expected to keep rates
unchanged within their current range of
5.25%-5.50%. All eyes will be on the Fed's dot
plot for further movement
According to the CME Fed watch tool, the
probability of a no-rate cut in May increased to
98.40% from 95.90% a week ago
Conference Board consumer confidence
declines to 97 in Apr vs. an Estimate of 104.
Economic data for the day
May Ist 2024, ADP employment change (12:15
pm GMT)
US ISM manufacturing PMI (1:45 pm GMT)
Federal funds rate (6:00 pm GMT)
Technical:
The near-term support is around $2280, a
break below the targets of $2260 The yellow
metal faces minor resistance around
$2320 and a breach above will take it to the
next level of $2350
signal
Sell $2300 with SL around $2325 for TP of $2250.
Buy $2250 with SL around $2200 for TP of $2300