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Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2076.61
Kijun-Sen- $2067.28
Gold pared some of its gains despite weak US economic data. The number of people who have filed for unemployment benefits rose by 12000 last week, compared to an increase of 21000. US pending home sales came unchanged every month vs. an Estimate of 0.80%.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Jan increased to 16.5% from 12.4% a week ago.
Economic calendar -
Dec 29th, 2023, Chicago PMI (2:45 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 $2062 (23.6% fib), a break below targets of $2050/ $2040/$2035/ $2020/ $2000/$1970. The yellow metal faces minor resistance around $2075 and a breach above will take it to the next level of $2090/$2100/$2150.
It is good to buy on dips around $2059 with SL around $2040 for TP of $2150.
Silver-
Silver declined once again after a minor pullback. The commodity should close above $24.61 (61.8% fib) for further up move. 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 pared some of their gains after US crude oil inventory data. It rose by 1.837 million barrels this week, According to API. According to EIA, crude inventories declined by 6.9 million bbls vs -2.7 million barrels.
Major resistance- $75.35/80. Significant support- $72/$70.
