Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2019.77
Kijun-Sen- $2028.28
Gold traded flat as the US markets remained closed yesterday. With no major economic indicators to be released today. Markets await US FOMC meeting minutes for further movement. The yellow metal hit a high of $2023.16 at the time of writing and is currently trading around $2022.91.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 91.50% from 84% a week ago.
US dollar index- Neutral. Minor support around 103.80/103. The near-term resistance is 105/106.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - Mixed (neutral for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2015, a break below targets of $2000/$1970/$1956/$1930. The yellow metal faces minor resistance around $2030 and a breach above will take it to the next level of $2045/$2060/$2070/$2080/$2100.
It is good to buy on dips around $2000 with SL around $1970 for TP of $2065/$2080.
Silver-
Silver lost its shine, as a surge in inflation might delay an early rate cut. It trades above 21, 55- EMA, and 200 EMA in the 4-hour chart. The near-term support is around $22.75 and a break below confirms an intraday bearishness. A dip to $22.20/$21.90/$21.40/$20.68 is possible. Any violation above $23.60 confirms further bullishness. A jump to $24/$24.60 is possible.
Crude oil-
WTI crude oil trades stable on improved demand from China. Any close above $80 confirms a bullish continuation.
Major resistance- $80/$82.50. Significant support- $74/$72.


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