Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2028.80
Kijun-Sen- $2032.44
Gold has traded in a narrow range between $2014 and $2044.61 for the past week. The upbeat US services PMI and hawkish comments from Fed officials on rate cuts put pressure on the yellow metal. The yellow metal hit a low of $2020 at the time of writing and is currently trading around $2024.46.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 82.50% from 80% a week ago.
US dollar index- Bullish. Minor support around 103.50/102.75. The near-term resistance is 104.60/106.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2010, a break below targets of $2000/$1970/$1956. The yellow metal faces minor resistance around $2030 and a breach above will take it to the next level of $2045/$2060/$2070/$2080/$2100.
It is good to buy on dips around $2015 with SL around $2000 for TP of $2065/$2080.
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Silver-
Silver reversed from this month's low of $22.15. Gold-silver ratio hits multi high indicating that silver will outperform gold in the short term. It trades above 21, 55- EMA, and below 200 EMA in the 4-hour chart. The near-term resistance is around $22.95 and a break above confirms an intraday bullishness. A jump to $23.35/$23.50 is possible. On the lower side, immediate support is around $22.40 any violation below will drag the commodity to $21.90/$21.40/$20.68.
Crude oil-
WTI crude oil jumped sharply as Israel's Gaza strikes intensified.
Major resistance- $78/$80. Significant support- $74/$72.


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