Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2029.52
Kijun-Sen- $2029.79
Gold pared some of its gains after upbeat US economic data. The number of people who have filed for unemployment benefits decreased by 9000 to 218000 in the week ended Feb 3rd, 2024, compared to a forecast of 22000.
Dovish comments from Fed Boston Fed president Susan Collins support the yellow metal at the lower levels. The yellow metal hit a low of $2020 at the time of writing and is currently trading around $2032.48.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 83.50% from 62% 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 $2020, a break below targets of $2015/$2000/$1970/$1956. The yellow metal faces minor resistance around $2045 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.
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Silver-
Silver showed a nice pullback from a two-week low as the Gold silver ratio hit a multi-month high. It trades above 21, 55- EMA, and below 200 EMA in the 4-hour chart. The near-term resistance is around $22.75 and a break above confirms an intraday bullishness. A jump to $23/$23.35 is possible. On the lower side, immediate support is around $22.40 any violation below will drag the commodity to $21.90/$21.40/$20.68.
Crude oil-
WTI crude oil showed a massive jump after Israel rejected Hamas's proposal.
Major resistance- $75/$78. Significant support- $70/$68.


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