Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2028.65
Kijun-Sen- $2040.22
Gold traded flat after a sell-off of more than $50. The yellow metal was one of the worst performers in the past three days due to upbeat US economic data. US services PMI came at 53.4 in Jan, above the forecast of 52. Powell's hawkish comment in a CBS interview, "We just want some more confidence before we take that very important step of beginning to cut interest rates, "might decrease chance the of an early rate cut by the Fed. The yellow metal hit a low of $2014.97 yesterday and is currently trading around $2023.90.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 83.5% from 52.9% a week ago.
US dollar index- Bullish. Minor support around 103.50/102.75. The near-term resistance is 104.60/106.
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 $2015, a break below targets of $2000/$1970/$1956. The yellow metal faces minor resistance around $2040 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 broke significant support at $22.40 and holds below that level due to the strong US dollar. It trades below 21 and 55- EMA and long-term MA (200- EMA) in the 4-hour chart. The near-term resistance is around $22.50 and a break above confirms an intraday bullishness. A jump to $22.75/ $23/$23.35 is possible. It is immediate support at around $22.20. Any break below target $21.90/$21.50.
Crude oil-
WTI crude oil prices trading flat as US Secretary of State Antony Blinkento discusses ceasefire.
Major resistance- $75/$78. Significant support- $70/$68.
Feb 6th, 2024, Canada Ivey PMI (3:00 pm GMT)
Fed Member Mester speaks (5 pm GMT)


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