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Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
Stock Futures Dip as Investors Await Key Payrolls Data 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
Gold -
Ichimoku Analysis (4 hour chart)
Tenken-Sen- $1984.98
Kijun-Sen- $2006.54
Gold surged more than $40 on board-based US dollar selling. It hit a high of $2039.90 and is currently trading at around $2031.04.
Fed kept its rates unchanged as expected at 5.25-5.50%. "Recent indicators show that growth of economic activity has slowed in the third quarter of 2023 and easing inflation".
Major economic data for the day
Economic Data for the day -
Dec 14th, 2023, SNB monetary policy (8:30 am GMT)
BOE monetary policy summary (noon GMT)
ECB monetary policy (1:15 pm GMT)
US retail sales (1:30 pm GMT)
US dollar index- Bearish. Minor support around 102.40/101. The near-term resistance is 103.25/104.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Mar increased to 69.90% from 39.7% a day ago.
The US 10-year yield declined more than 5% after the dovish Fed policy. The US 10 and 2-year spread narrowed to -38% from -52%.
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 $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 $2070/$2100.
It is good to buy on dips around $2015-16 with SL around $2000 for TP of $2150.
Silver-
Silver showed a massive jump of $1.50 on dovish comments from the Fed chairman. The precious metals are holding above 200 and 55 W EMA . A jump to $26/$27 is possible. Minor support is $23.20/$22.50.
Crude oil-
WTI crude formed a triple bottom around the $66.50 level and showed a minor pullback after crude oil inventories. It fell by 2.3 M barrels for the week ended Dec 8th compared to 549000 barrels.
Major resistance- $75/80. Significant support- $66.50/$63.
