Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2026.21
Kijun-Sen- $2013.74
Gold gained momentum despite the hawkish US fed. The Fed meeting minutes confirm that the central bank will not go for an early rate cut till inflation eases. The yellow metal hit a high of $2032.15 at the time of writing and is currently trading around $2031.97.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 93.50% from 90% a week ago.
US dollar index- Bearish. Minor support around 103.60/103. The near-term resistance is 105/106.
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 $2040 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 took support near 200- 4H EMA and showed a minor pullback on the weak US dollar. It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term resistance is around $23.60 and a break above confirms an intraday bullishness. A jump to $24/$24.60 is possible. Any violation below $22.50 targets $21.90/$21.40/$20.68.
Crude oil-
WTI crude oil gained sharply on increasing US demand. Market yes US EIA crude inventory for further movement.y close above $80 confirms a bullish continuation.
Major resistance- $80/$82.50. Significant support- $74/$72.
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