Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2033.64
Kijun-Sen- $2041.46
Gold pared most of its gains on board-based US dollar buying. The US dollar index gained momentum after upbeat US CPI data. US headline CPI rose above estimate to 3.4% YoY. US PPI fell 0.10% in Dec, compared to a forecast of 0.10%. Core PPI came unchanged at 0% vs the forecast of 0.20%. It hit a low of $2038.79 and is currently trading around $2040.07.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 95.3% from 94.80% a week ago.
US dollar index- Bullish. Minor support around 101.80/100.60 The near-term resistance is 103.25/104.
Factors to watch for gold price action-
Global stock market- Mixed (Neutral for gold)
US dollar index - Bullish (Bearish for gold)
US10-year bond yield- Bearish (Positive for gold)
Technical:
The near–term support is around $2035, a break below targets of $2024/$2010/$2000. The yellow metal faces minor resistance around $2050 and a breach above will take it to the next level of$2060/$2070/ $2090/$2100/$2150.
It is good to buy on dips around $2030 with SL around $2010 for TP of $2150.
Silver-
Silver facing strong significant resistance around 200-4H EMA at $23.53. The precious metal trades below 21 and 55- EMA and long-term MA (200- MA) in the 4-hour chart. Any break above $23.55 (200-4H EMA) confirms minor bullishness. A jump to $24/$24.50. It is facing significant support at $22.50 Any close below $22.50 targets $21.80/$21.
Crude oil-
WTI crude oil prices gained slightly despite the strong US dollar. The escalation of the Middle East supports the oil price at lower levels.
Major resistance- $75.35/80. Significant support- $71/$68.


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