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Gold -
Ichimoku Analysis (4 hour chart)
Tenken-Sen- $2015
Kijun-Sen- $2010.55
Gold has consolidated in a narrow range between $2015.68 and $2033.71 for the past two days. It hit a high of $2047.95 the previous week and is currently trading at around $2024.73.
The dovish comments from Fed members and easing treasury yields support the yellow metal lat lower levels. San Francisco President Mary Daly said in a Wall Street Journal interview that it is appropriate for the Fed to consider rate cuts in 2024.
Major economic data for the day
Dec 19th, 2023, US housing starts (1:30 am GMT)
Building permits
Canada CPI
US dollar index- Bearish. Minor support around 101.75/101. The near-term resistance is 103.25/104.
According to the CME Fed watch tool, the probability of a rate pause in Jan decreased to 91.7% from 97.8% a week ago.
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 $2015, 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 $2000 with SL around $1986 for TP of $2150.
Silver-
Silver pared some of its gains after a minor pullback. The precious metal performed well in the past week due to a dovish Fed rate pause. The near-term resistance is around $24.22 (50% fib retracement). Any close above $24.22, a jump to $25/$26. Minor support is $23.60/$23.
Crude oil-
WTI crude jumped more than 1% as Russian exports declined and Red Sea supply concerns.
Major resistance- $75/80. Significant support- $66.50/$63.
