Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2005.14
Kijun-Sen- $2007.74
Gold gained above $2020 despite upbeat US inflation data. The US PPI came at 0.30% m/m compared to a forecast of 0.10%. The Core PPI surged to 0.050% vs. the Estimate of 0.10%. The yellow metal hit a high of $2023 at the time of writing and is currently trading around $2020.11.
The consumer sentiment released by Michigan Consumer sentiment improved from 79 in Jan to 79.6 in Feb.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 89.5% from 84% a week ago.
US dollar index- Bullish. Minor support around 103.80/103. 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 $2000, a break below targets of $1970/$1956/$1930. The yellow metal faces minor resistance around $2030 and a breach above will take it to the next level of $2045/$2060/$2070/$2080/$2100.
It is good to buy on dips around $2000 with SL around $1970 for TP of $2065/$2080.
Silver-
Silver halted its three days of a bullish trend on the delay in a rate cut by the Fed. It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $22.75 and a break below confirms an intraday bearishness. A dip to $22.20/$21.90/$21.40/$20.68 is possible.
Crude oil-
WTI crude oil gained above $78 due to the escalation of Middle East tension. Any close above $80 confirms a bullish continuation.
Major resistance- $78/$80. Significant support- $74/$72.
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