Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2010.05
Kijun-Sen- $2013
Gold pared most of its gains, after the US inflation data. The US yearly CPI fell to 3.1 in Jan from 3.4% This has decreased the chance of an early rate by the Fed and pushed the yield and Dollar higher. The yellow metal hit a low of $1986 at the time of writing and is currently trading around $1988.70.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 91% 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 is hovering between $22.72 and $21.93 for the past two weeks. Any weekly close below $22.24 (200-W EMA) confirms further weakness, a dip to $21.60/$21/$20.68 is possible. 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.
Crude oil-
WTI crude oil holds above $76 on Middle East tension. However, gains are limited due to the chance of delay in early rate cut by the fed.
Major resistance- $78/$80. Significant support- $74/$72.


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