FxWirePro- Commodity Daily Update

Gold -

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $2033.27

Kijun-Sen- $2028.76

Gold showed a minor pullback, despite weak US GDP data. The United States' GDP grew at an annualized rate of 3.2% in Q4, missing market expectations of 3.3%. The yellow metal hit a high of $2037.92 at the time of writing and is currently trading around $2036.63.

Markets eye US PCE, Chicago PMI, and US jobless claims for further movement.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 97.50% from 94% a week ago.

 US dollar index-  Bearish. Minor support around 103.40/102.70. The near-term resistance is 104.20/105.

 Factors to watch for gold price action-

   Global stock market- Bullish  (negative for gold)

  US dollar index - Bearish (Bullish  for gold)

  US10-year bond yield- Bullish (negative for gold)

Technical:

The near–term support is around $2020, a break below targets of $2010/$2000/$1970/$1956/$1930. The yellow metal faces minor resistance around $2042 and a breach above will take it to the next level of $2060/$2070/$2080/$2100.

 It is good to buy on dips around $2000 with SL around $1970 for TP of $2065/$2080.

Silver-

Silver jumped slightly after hitting a two-week low of $22.27. The pair is edging towards a bearish channel resistance of $22.70-72. Any breach above that channel will push the Silver price to $23/23.50.

Major trend reversal level -$23.60.

Any strong violation above $23.60 confirms a bullish continuation.  A jump to $24.20/$24.60 is possible.

 It trades below 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $22.25 and a break below $22.20 targets $21.90/$21.40/$20.68.

Crude oil-  

WTI crude oil pared some of its gains after touching a month high. The hopes for an extension of production cut by OPEC and geo-political tension in the Red Sea support crude oil at lower levels. Any jump above $80 confirms a further bullishness.

 Major resistance-$80/$83. Significant support- $75.70/$74.