FxWirePro- Commodity Daily update

Gold -

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $2033.64

Kijun-Sen- $2041.46

Gold showed a minor recovery after a massive sell-off. The yellow metal lost its shine after upbeat US jobs data. It hit a high of $2038 and is currently trading around $2034.11.  

  According to the CME Fed watch tool, the probability of a no-rate cut in  Jan increased to 95.3% from 82.40% a week ago.

  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- Bullish  (negative for gold)

  US dollar index - neutral (mixed  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 showed a minor pullback after a nearly $1.50 sell-off. The precious metal is trading below 21 and 55-day EMA and long-term MA (200-day MA).  Any break above $23.60 confirms further bullishness. A jump to $24/$24.50. It is facing significant support at $22.65 Any breach below $22.65 targets $21.80/$21.  

Crude oil-  

WTI crude oil prices showed a minor jump after the price cut by Saudi Arabia.

 Major resistance- $75.35/80. Significant support- $71/$68.