Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
China's Refining Industry Faces Major Shakeup Amid Challenges 
2025 Market Outlook: Key January Events to Watch 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Bank of America Posts Strong Q4 2024 Results, Shares Rise 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
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U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
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U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Gold -
Ichimoku Analysis (4 hour chart)
Tenken-Sen- $2034.38
Kijun-Sen- $2031.82
Gold showed a minor pullback on US dollar weakness. It hit a low of $1973.15 and is currently trading at around $2041.48.
Housing starts in the US rose 14.80% in Nov to 1.56 million and single-family housing starts surged 18% highest level since May 2022. US building permits declined 2.5% from the revised Oct rate of 1498000.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Jan increased to 10.3% from 4.0% a week ago.
Major economic data for the day
Dec 20th, 2023, US CB confidence (3 pm GMT)
Existing home sales
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 25 bpbs rate cut in Jan increased to 10.3% from 4.0% 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 recovered yesterday following in the footsteps of gold. The near-term resistance is around $24.30 (50% fib retracement). Any close above $24.30, a jump to $25/$26. Minor support is $23.60/$23.
Crude oil-
WTI crude continues to trade higher for the seventh consecutive day on supply disruptions in the Red Sea. Markets eye US crude oil inventories for further movement.
Major resistance- $75/80. Significant support- $66.50/$63.
