FxWirePro- Commodity daily update

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.