FxWirePro- Commodity Daily Update

Gold -

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $2010.05

Kijun-Sen- $2013

Gold pared most of its gains, after the US inflation data. The US yearly CPI fell to 3.1 in Jan from 3.4% This has decreased the chance of an early rate by the Fed and pushed the yield and Dollar higher. The yellow metal hit a low of $1986 at the time of writing and is currently trading around $1988.70.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 91% from 81% a week ago.

  US dollar index-  Bullish. Minor support around 104.50/103.80. The near-term resistance is 105/106.
  
 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 $1970, a break below targets of $1956/$1930. The yellow metal faces minor resistance around $2000 and a breach above will take it to the next level of $2020/$2030/$2045/$2060/$2070/$2080/$2100.

 It is good to buy on dips around $1970 with SL around $1950 for TP of $2040/$2065/$2080.
.
Silver-

Silver is hovering between $22.72 and $21.93 for the past two weeks. Any weekly close below $22.24 (200-W EMA) confirms further weakness, a dip to $21.60/$21/$20.68 is possible. It trades below 21, 55- EMA, and 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. 
Crude oil-  

WTI crude oil holds above $76 on Middle East tension.  However, gains are limited due to the chance of delay in early rate cut by the fed.

 Major resistance- $78/$80. Significant support- $74/$72.