Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2030.95
Kijun-Sen- $2040.22
Gold trading with no direction for the past three days. Fed Reserve Governor Adriana Kugle and the Fed Minneapolis President cautioned about an early rate cut because of a fall in inflation. The yellow metal hit a low of $2028.99 at the time of writing and is currently trading around $2031.24.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 81.50% from 45.5% 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 $2025, a break below targets of $2015/$2000/$1970/$1956. The yellow metal faces minor resistance around $2045 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.
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Silver-
Silver consolidates in a narrow range between $ 22.48 and $22.19 in this week. It trades below 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term resistance is around $22.50 and a break above confirms an intraday bullishness. A jump to $22.75/ $23/$23.35 is possible. On the lower side, immediate support is around $21.90, any violation below will drag the commodity to $21.40/$20.68.
Crude oil-
WTI crude oil prices recovered slightly despite weak US crude inventory data. According to EIA, US crude inventory rose by 5.5M barrels, compared to a forecast of 1.5M.
Major resistance- $75/$78. Significant support- $70/$68.


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