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FxWirePro- Commodity Daily update

Gold -

 

Ichimoku Analysis (4-hour chart)

 

Tenken-Sen- $2033.64

 

Kijun-Sen- $2041.46

 

Gold has been trading flat for the past three days. Markets eye US CPI data for further direction. US headline CPI is expected a minor jump to 3.2% from 3.1%. Annual core CPI is forecasted to decline from 4% to 3.8%.  It hit a low of $2016 and is currently trading around $2032.68.

 

  According to the CME Fed watch tool, the probability of a no-rate cut in  Jan increased to 97.40% from 93.80% a week ago.

                                                                              

  US dollar index-   Bullish. Minor support around 100.70/100. The near-term resistance is 103/104.

   

 Factors to watch for gold price action-

     

   Global stock market- Bullish  (negative for gold)

 

  US dollar index - neutral (mixed  for gold)

 

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

 

Technical:

 

The near–term support is around $2020, a break below targets of $2000/$1970. The yellow metal faces minor resistance around $2050 and a breach above will take it to the next level of$2060/$2070/ $2090/$2100/$2150.

 

 It is good to buy on dips around $2015 with SL around $2000 for TP of $2150.

 

Silver-

 

Silver is consolidating in a narrow range between $22.69 and $23.51 for the past week. The precious metal trades below 21 and 55-day EMA and long-term MA (200-day MA).  Any break above $23.30 (200-day EMA) confirms minor bullishness. A jump to $23.60/$24/$24.50. It is facing significant support at $22.65 Any breach below $22.65 targets $21.80/$21.  

 

Crude oil-  

WTI crude oil prices pared some gains after a weak crude oil inventory. According to EIA, US crude oil stocks jumped 1.338 million barrels versus a forecast of a 675K decline.

 

 Major resistance- $75.35/80. Significant support- $71/$68.

 

 

 

 

 

 

 

 

 

 

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