Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2048.36
Kijun-Sen- $2059.61
Gold trades flat ahead of US Nonfarm payroll data. The US private sector rose by 164000 in Dec compared to a forecast of 115000. The number of people who have filed for unemployment benefits declined by 18000 to 202K the previous week vs.217K. It hit a low of $2030.69 and is currently trading around $2043.16.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 95.3% from 83.5% a week ago.
Economic calendar-
Jan 5th, 2024, US NFP (1:30 pm GMT)
Canada employment change
US dollar index- Bullish. Minor support around 100.70/100. The near-term resistance is 103/104.
Factors to watch for gold price action-
Global stock market- Bearish (positive for gold)
US dollar index - Bullish (negative for gold)
US10-year bond yield- Bearish (Positive for gold)
Technical:
The near–term support is around $2030, a break below targets of $2020/ $2000/$1970. The yellow metal faces minor resistance around $2050 and a breach above will take it to the next level of$2060/$2070/ $2090/$2100/$2150.
It is good to buy on dips around $2020 with SL around $2000 for TP of $2150
Silver-
Silver pared some of its gains after a minor pullback above $23. Markets await US jobs data and ISM services PMI data for further direction. The precious metal is trading below 21 and 55-day EMA and long-term MA (200-day MA). Any close below $22.65 confirms further bearishness. A dip to $21.88/$21.50. It is facing significant resistance at $23.25. Any breach above $23.25 confirms minor bullishness, a jump to $23.60/$24.10/$24.60/$25/$26.
Crude oil-
WTI crude oil prices showed a minor pullback despite US Crude inventory. It fell by 5.5 million barrels last week, compared to a forecast of a -3.7 million drop.
Major resistance- $75.35/80. Significant support- $71/$68.
