Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2033.27
Kijun-Sen- $2028.76
Gold trades flat ahead of US durable goods orders. New home sales rose 1.5% m/m in Jan to a seasonally adjusted annual rate of 661000 compared to a forecast of 680000. The yellow metal hit a high of $2034.60 at the time of writing and is currently trading around $2033.43.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 99.50% from 90% a week ago.
US dollar index- Bearish. Minor support around 103.40/102.70. The near-term resistance is 104.20/105.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (Bullish for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2020, a break below targets of $2010/$2000/$1970/$1956/$1930. The yellow metal faces minor resistance around $2042 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 pared most of its gains despite the weak US dollar. The strong US economic data and hawkish Fed officials are adding pressure to precious metals at higher levels. It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term resistance is around $23 and a break above confirms an intraday bullishness. A jump to $23.60/$24 is possible. Any violation below $22.50 targets $21.90/$21.40/$20.68.
Crude oil-
WTI crude oil gained more than $2 from yesterday's low of $75.81. The supply disruptions are due to ongoing strikes in the Red Sea. Any jump above $80 confirms a further bullishness.
Major resistance- $78.90/$80. Significant support- $75.70/$74.
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