FxWirePro- Commodity Daily Update

Gold -

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $2023.69

Kijun-Sen- $2011.30

Gold was trading with no direction ahead of the US FOMC  meeting minutes. The yellow metal hit a high of $2032.16 at the time of writing and is currently trading around $2027.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 91.50% from 91% a week ago.

 US dollar index-  Neutral. 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 - Mixed (neutral  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/$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 is consolidating after a massive sell-off.   It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $22.90 and a break below confirms an intraday bearishness.  A dip to $22.50/$22.20/$21.90/$21.40/$20.68 is possible. Any violation above $23.60 confirms further bullishness. A jump to $24/$24.60 is possible.

Crude oil-  

WTI crude oil pared some of its gains despite Israel's airstrike on Damascus. Any close above $80 confirms a bullish continuation.

 Major resistance- $80/$82.50. Significant support- $74/$72.

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