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Gold -
Ichimoku Analysis (4-hour chart)
Tenken-Sen- $2019.77
Kijun-Sen- $2028.28
Gold showed a minor pullback ahead of US CPI. Any weak CPI data may increase the chance of an early rate cut by Fed. It will weaken the dollar and strengthen gold. The yellow metal hit a low of $2012 yesterday and is currently trading around $2025.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 86.50% from 85% a week ago.
US dollar index- Bullish. Minor support around 103.50/102.75. The near-term resistance is 104.60/106.
Factors to watch for gold price action-
Global stock market- Bullish (negative for gold)
US dollar index - bullish (negative for gold)
US10-year bond yield- Bullish (negative for gold)
Technical:
The near–term support is around $2010, a break below targets of $2000/$1970/$1956. The yellow metal faces minor resistance around $2030 and a breach above will take it to the next level of $2045/$2060/$2070/$2080/$2100.
It is good to buy on dips around $2015 with SL around $2000 for TP of $2065/$2080.
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Silver-
Silver is trading highly volatile with positive bias. Gold-silver ratio forms a double top around 92 and shows a minor sell-off which indicates that silver will outperform gold in the short term. It trades above 21, 55- EMA, and below 200 EMA in the 4-hour chart. The near-term resistance is around $23.20 and a break above confirms an intraday bullishness. A jump to $23.35/$23.50/$24 is possible. On the lower side, immediate support is around $22.40 any violation below will drag the commodity to $21.90/$21.40/$20.68.
Crude oil-
WTI crude oil holds above $76 on Middle East tension.
Major resistance- $78/$80. Significant support- $74/$72.
