Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $1990.25
Kijun-Sen- $2010.78
Gold showed a minor pullback after a massive sell-off. The chance of delay in rate cut has pushed US dollar and bond yields higher. Markets eye US retail sales and the Empire state manufacturing index for further direction. The yellow metal hit a low of $1984 yesterday and is currently trading around $1995.11.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 89.5% from 81% a week ago.
US dollar index- Bullish. Minor support around 104.50/103.80. The near-term resistance is 105/106.
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 $1970, a break below targets of $1956/$1930. The yellow metal faces minor resistance around $2000 and a breach above will take it to the next level of $2020/$2030/$2045/$2060/$2070/$2080/$2100.
It is good to buy on dips around $1970 with SL around $1950 for TP of $2040/$2065/$2080.
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Silver-
Silver formed a double bottom around $21.90 and showed a minor pullback. Any weekly close above $22.85 confirms further bullishness, a jump to $23.35/$23.60 is possible. It trades below 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $22.35 and a break above confirms an intraday bearishness. A dip to $21.90/$21.40/$20.68 is possible.
Crude oil-
WTI crude oil lost its shine after the crude inventory data. According to EIA, commercial crude oil inventories increased by 12 million barrels, compared to a forecast of 3.3M.
Major resistance- $78/$80. Significant support- $74/$72.


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