FxWirePro- Commodity daily update

Gold -

Ichimoku Analysis (4 hour chart)

Tenken-Sen- $2034.38

Kijun-Sen- $2031.82

Gold recovered slightly despite upbeat  US economic data. US Conference Board consumers rose to 110.70 in Nov, compared to a forecast of 104.60. US existing home sales increased 0.80% unexpectedly in Oct to a seasonally adjusted annual rate of 3.82 million vs. an Estimate of 3.77 million.

It hit a low of $2047.01 and is currently trading at around $2036.28.

  According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  Jan increased to 12.4% from 10.2% a week ago.

Economic calendar -

Dec 21st, 2023, US Final GDP q/q (1:30 pm GMT)

                                US unemployment claims (1:30 pm GMT)                            

  US dollar index-   Bearish. Minor support around 101.75/101. The near-term resistance is 103.25/104.

 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 broke significant resistance at $24.30 after a long consolidation. The near-term resistance is around $24.50. Any convincing break above $24.50, a jump to $25/$26.  Minor support is $23.60/$23.

Crude oil-  

WTI crude pared some of its gains after the US crude inventory report. According to EIA US oil inventory came at 2909k compared to a forecast of 2283K.

 Major resistance- $75/80. Significant support- $66.50/$63.