FxWirePro- Commodity Daily update

Gold -

Ichimoku Analysis (4-hour chart)

Tenken-Sen- $2039.17

Kijun-Sen- $1978.53

Gold pared some of its gains on the strong US dollar. It hit a low of $2056 and is currently trading around $2058.

 According to the CME Fed watch tool, the probability of a no-rate cut in  Jan increased to 89.10% from 83.5% a week ago.

Markets eye US FOMC meeting minutes and ISM manufacturing data for further direction.

 Economic calendar -

Jan 3rd, 2024, US IS Manufacturing PMI  (3:00 pm GMT)

                        FOMC meeting minutes (7:00 pm GMT)                                                                          

  US dollar index-   Bullish. Minor support around 100.70/100. The near-term resistance is 102.35/103.

 Factors to watch for gold price action-

   Global stock market- Bullish (negative for gold)

  US dollar index - Bearish (positive for gold)

  US10-year bond yield- Bearish (Positive for gold)

Technical:

The near–term support is around $2050, a break below targets of  $2040/$2035/ $2020/ $2000/$1970. The yellow metal faces minor resistance around $2075 and a breach above will take it to the next level of $2090/$2100/$2150.

 It is good to buy on dips around $2059 with SL around $2040 for TP of $2150.

Silver-

Silver lost its shine and declined more than 2.5%. The precious metal trades below 21 and 55-day EMA  Any breach below $23.25 confirms further bearishness. A dip to $23/$22.50. It is facing significant resistance at $23.75. Any close above $23.75 confirms minor bullishness, a jump to $24.10/$24.60/$25/$26.  

Crude oil-  

WTI crude oil prices pared most of their gains on the strong US dollar.  It is trading below short-term (21  and 55-day EMA) and long-term Moving average (200-day EMA)..

 Major resistance- $75.35/80. Significant support-$70/$68.