Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2039.17
Kijun-Sen- $1978.53
Gold pared some of its gains on the strong US dollar. It hit a low of $2056 and is currently trading around $2058.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 89.10% from 83.5% a week ago.
Markets eye US FOMC meeting minutes and ISM manufacturing data for further direction.
Economic calendar -
Jan 3rd, 2024, US IS Manufacturing PMI (3:00 pm GMT)
FOMC meeting minutes (7:00 pm GMT)
US dollar index- Bullish. Minor support around 100.70/100. The near-term resistance is 102.35/103.
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 $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 lost its shine and declined more than 2.5%. The precious metal trades below 21 and 55-day EMA Any breach below $23.25 confirms further bearishness. A dip to $23/$22.50. It is facing significant resistance at $23.75. Any close above $23.75 confirms minor bullishness, a jump to $24.10/$24.60/$25/$26.
Crude oil-
WTI crude oil prices pared most of their gains on the strong US dollar. It is trading below short-term (21 and 55-day EMA) and long-term Moving average (200-day EMA)..
Major resistance- $75.35/80. Significant support-$70/$68.


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