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.
