FxWirePro- Commodity daily Update

Gold -

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $2028.76

Kijun-Sen- $2028.24

Gold gained more than $25 the previous week despite a hawkish Fed and upbeat market sentiment. Most Fed reserve officials confirmed that the central bank will not go for an early rate cut until inflation cools down below 2%. The yellow metal hit a high of $2041.41 yesterday and is currently trading around $2034.93.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 97.50% from 90% a week ago.

 US dollar index-  Bearish. Minor support around 103.40/102.70. The near-term resistance is 104.20/105.
  
 Factors to watch for gold price action-
     
   Global stock market- Bullish  (negative for gold)

  US dollar index - Bearish (Bullish  for gold)

  US10-year bond yield- Bullish (negative for gold)

Technical:

The near–term support is around $2020, a break below targets of $2010/$2000/$1970/$1956/$1930. The yellow metal faces minor resistance around $2042 and a breach above will take it to the next level of $2060/$2070/$2080/$2100.

 It is good to buy on dips around $2000 with SL around $1970 for TP of $2065/$2080.

Silver-

Silver trading weak for the past week from a minor top of $23.50.   It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term resistance is around $23 and a break above confirms an intraday bullishness.  A jump to $23.60/$24 is possible. Any violation below $22.50 targets $21.90/$21.40/$20.68.

Crude oil-  

WTI crude oil pared most of its gains as the chance of an early rate cut by the Fed fades. Any violation below $75.70 confirms an intraday weakness.

 Major resistance- $78.90/$80. Significant support- $75.70/$74.

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