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Gold -
Ichimoku Analysis (Daily chart)
Tenken-Sen- $2038.73
Kijun-Sen- $2030.84
Gold is trading weak for a second consecutive day on a strong US dollar. The New York Federal Reserve's Empire State declined 29.2 points to 43.7, the lowest level since May 2020. It hit a low of $2017 and is currently trading around $2021.05.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 95.3% from 94.80% a week ago.
US dollar index- Bullish. Minor support around 103/102.40 The near-term resistance is 103.75/104.50.
Factors to watch for gold price action-
Global stock market- Mixed (Neutral for gold)
US dollar index - Bullish (Bearish for gold)
US10-year bond yield- Bearish (Positive for gold)
Technical:
The near–term support is around $2015, a break below targets of $2000/$1970. The yellow metal faces minor resistance around $2025 and a breach above will take it to the next level of $2035/$2050/$2060.
It is good to buy on dips around $2015 with SL around $2000 for TP of $2060
.
Silver-
Silver lost its shine and trading weak for the past three weeks. It has formed a temporary top around $24.60 and dropped more than $2.The precious metal trades below 21 and 55- EMA and long-term MA (200- MA) in the daily chart. Any break below $22.45 confirms minor bearishness. A dip to $21.88/$21.25. It is facing significant resistance around $23.25. Any close above targets $23.60/$24.
Crude oil-
WTI crude oil prices lost more than $1 today on board-based US dollar buying. The weakness in the Chinese economy also puts pressure on oil at higher levels.
Major resistance- $75.35/80. Significant support- $70/$68.
Economic calendar
US retail sales (1:30 pm GMT)
