FxWirePro- Commodity Daily update

Gold -

Ichimoku Analysis (Weekly chart)

Tenken-Sen- $2061.15

Kijun-Sen- $2049.07

Gold recovered more than $10 on board-based US dollar selling.  Richmond composite declined sharply to -11 in Dec, compared to a forecast of  -4. The yellow metal hit a high of $2088.50 and is currently trading around $2076.60.

   According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  Jan increased to 17.6% from 12.4% a week ago.

Economic calendar -

Dec 28th, 2023,        US initial jobless claims (1:30 pm GMT)

US Pending home sales  (3 pm GMT)

  US dollar index-   Bearish. Minor support around 100.70/100. The near-term resistance is 101.50/102.

 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 $2059, a break below targets of $2050/ $2040/$2035/ $2020/ $2000/$1970. The yellow metal faces minor resistance around $2100 and a breach above will take it to the next level of $2150.

 It is good to buy on dips around $2059 with SL around $2040 for TP of $2150.

Silver-

Silver showed a nice pullback following the footsteps of gold. 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 declined slightly as the Red Sea supply disruption eased. Markets eye US EIA crude oil inventories today for further direction. Major resistance- $75.35/80. Significant support- $72/$70.