A fall in Core PCE inflation number will not translate into an early interest rate cut. Most broking houses and hedge fund managers globally are now expecting the first interest rate cut in the June/July Federal Reserve meeting. US February nonfarm payrolls is on 8th March. Preceding the US NFP, there are a lot of US economic data releases.
- Gold should break free from $1990-$2060 wider trading range and form a new range over the next two weeks.
- Silver will break free from $20.50-$24.00 wider trading range and form a new range.
- Crude (Nymex/WTI) has to trade over $73.00 in the next two weeks to be in a bullish zone.
Key dates where trend can change or we might see some very big moves.
- Wednesday (28th February) to 1st March (Friday) . Core PCE etc
- 5th March and 6th March. ADP etc
- 8th March. (February NFP)
A better way to make the most of the upcoming trading opportunities is
- Have a flexible mindset.
- Use higher stop loss.
- Avoid compulsive intraday trading.
- Physical buyer or physical holds of stocks of gold, silver and copper avoid panic selling over fears of a big crash. Take each day at a time.
- Review for trend change every five hours (daily). Physical traders and future traders of precious metals, base traders, energy future and forex traders have to compulsorily review trend every five hours for the next two weeks. Just remember big money is involved. Businesses are highly competitive. It is not easy to easy to manage any business as new types to competition emerges every day.
- Have a technical support and technical resistance at your fingertips.
- 2:00pm (Indian Time) to 5:00 pm (Indian Time) and 7:30 pm (Indian Time to 10:30 pm (Indian Time) daily for the next two weeks , one needs to be extra vigilant.
TODAY
Neutral intraday trend for gold, silver and copper. Trend after London open is the key.
Spot Gold (current market price $2032.00)
- Daily support: $2009.90 and $2023.40
- Daily resistance: $2047.60.
- Spot gold has to trade over $2028.00 to rise to $2047.60 and $2064.00.
- Mild sell off will be there if spot gold trades below $2028 after London opens.
Spot Silver: (current market price $22.83)
- Daily Support: $22.30 and $22.72
- Daily Resistance: $23.09 and $23.50
- Spot silver has to trade over $22.40-$22.50 zone to rise to $23.54 and more.
- Quick rise will be there if spot gold trades over $22.87 after LME opens.
PLATINUM CME APRIL FUTURE (current market price $902.30)
- Daily support: $887.00
- Daily resistance: $906.00 and $920.70
- Platinum April future has to trade over $885.40 this week to rise to $932.00 and $954.50.
- A daily close below $885.40 for two consecutive days will cause a crash or a very short term bearish trend in Platinum.
- Overall one should use any fall of more than $40 (if any) to invest for last week of March with a trailing stop loss below $835.00.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views o the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be consider7ed as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Prepared by Chintan Karnani Website www.insigniaconsultants.in.
Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
- ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
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- PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
- PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
- THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
- ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
- ALL NEWS IS TAKEN FROM REUTERS NEWSWIRES.
- TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE
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