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Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2021.27
Kijun-Sen- $2023.75
Gold trades higher despite the strong US dollar. The escalation of geo-political tension in the Middle East has increased the demand for safe-haven assets like Gold. The yellow metal hit a high of $2040.40 at the time of writing and is currently trading around $2036.68.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 97.9% from 96.90% a day ago.
US dollar index- Bullish only if it closes above 103.69 (200-day EMA). Minor support around 103/102.75. The near-term resistance is 103.75/104.50.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Mixed (Neutral for gold)
US10-year bond yield- Bearish (positive for gold)
Technical:
The near–term support is around $2030, a break below targets of $2015/$2000/$1970/$1956. The yellow metal faces minor resistance around $2040 and a breach above will take it to the next level of $2050/$2062/$2078.
It is good to buy on dips around $2015 with SL around $2000 for TP of $2065/$2080.
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Silver-
Silver showed a minor profit booking after a jump to $23.26. It is facing significant resistance at $23.25 (200-day EMA) and nay close above confirms a bullish continuation. It trades above 21 and 55- EMA and below long-term MA (200- EMA) in the 4-hour chart. Any close above $23.25 (200-day EMA) will take the pair to $23.60/$24 is possible. It is facing immediate support at around $22.80. Any break below target $22.50/$21.90/$21.50.
Crude oil-
WTI crude oil prices pared some of its gains on weak Chinese economic data. But the downside is limited due to the escalation of geo-political tension in the Middle East.
Major resistance- $80/$83.50. Significant support- $77/$74.
Jan 30th, 2024, CB Consumer Confidence (3 pm GMT)
