Gold -
Ichimoku Analysis (Weekly chart)
Tenken-Sen- $2061.15
Kijun-Sen- $2049.07
Gold trades flat due to the holiday mood. The yellow metal jumped nearly $100 as the Fed plans for a 75 bpbs rate cut in 2024.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Jan increased to 14.5% from 12.4% a week ago.
Economic calendar - for the day
Dec 27th, 2023, US Richmond Manufacturing Index (3 pm GMT)
US dollar index- Bearish. Minor support around 101.40/101. The near-term resistance is 102.60/103.50.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Bearish (positive for gold)
US10-year bond yield- Bearish (Positive for gold)
Technical:
The near–term support is around $2050, a break below targets of $2040/$2035/ $2020/ $2000/$1970. The yellow metal faces minor resistance around $2070 and a breach above will take it to the next level of $2080/$2100.
It is good to buy on dips around $2050 with SL around $2035 for TP of $2100.
Silver-
Silver pared some of its gains despite the weak US dollar. The near-term resistance is around $24.61 (61.8% fib). Any daily close above $24.60 confirms further bullishness, a jump to $25/$26. Minor support is $23.60/$23.20.
Crude oil-
WTI crude oil prices showed a nice pullback as Houthi militants attacked ships in the Red Sea. The escalation of tension in the Middle East due to Israel and Hamas's support crude oil at lower levels. Major resistance- $75.35/80. Significant support- $72/$70.
