Asian Metals Market Update for 10th March

China has hit back on Canada and the USA with reciprocal trade tariffs on agricultural produce. “Trade Tariff Tug-O-War” will continue between nations this year. Winners and losers will be selected. Uncertainty is there? Uncertainty will be there. Hyper Volatility will be there in all asset classes, which includes gold and silver.

US February non-farm payrolls were not bad. March to July global economic performance is important from a medium-term perspective.

Ukraine-Russia peace (if any)  things which we need to look

Russia-China trade relations will need a close look.

• China has been the largest trading partner of Russia since the Ukraine war began. The world will be watching economic relations between Russia and China once the Ukraine war ends.
• Russia's crude oil officially flowing globally. Some Asian countries will see higher crude oil bills. They were reliant on hyper cheap Russian crude oil to reign in inflation.
• Eurozone, UK-Russia relations. France, Germany, and the UK have all stated their intentions to seize Russian assets as the cost of the Ukraine war. New developments on this front will be closely watched.
• USA-Russia peace deal without significant involvement of the UK, France, and Germany will also have geopolitical implications.
• Last but not least, how much Ukrainian produce (of soft commodities and base metals) goes globally and how much goes to the USA's strategic reserves.
• The impact of the free flow of Russian metals, particularly on Nickel and Aluminum, is not known.

Position squaring and Position rebuilding for the 19th March Federal Reserve meeting has started. Most traders are expecting a June interest rate cut.

European bond yield trends and German bond yield trends will impact gold and silver. Copper and non-ferrous metals will be very volatile, with an overall bullish trend.

SPOT GOLD – current price $2912.00

• Spot gold has to trade over $2896.00 to rise to $2955.50 and more.
• A mild sell-off will be there if spot gold trades below $2907.00 today after the London open.
• Views are intraday.

Disclaimer

• The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.
• The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.
• I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.

Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.

NOTES TO THE ABOVE REPORT

1. ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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3. PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
4. PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
5. THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
6. ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
7. ALL NEWS IS TAKEN  FROM REUTERS NEWSWIRES.
8. TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE