Direct correlation continues between gold price and bitcoin for another day. However, the good thing is that the gold price correction is much less than that of BTC/USD. One needs to look for signs of weekend short covering in gold and silver. Trump can say or do anything on the weekend. I expect a short covering from the day's low and/or if key short-term technical support holds.
Gold and silver are sitting on the edge of key short-term technical support. A lower US February Core PCE inflation number is needed for the US dollar Index to sell and for gold to start another wave of rise. Silver and copper futures can see some wild two-way price moves due to the last trading day of the CME March future.
Trade very carefully today. Next week can be a big week if the US February ISM (manufacturing and non-manufacturing) and US February jobs numbers come in on the extreme side of expectation. Incoming news will be the key.
SPOT SILVER – current price $31.22
- Spot silver has to trade over $30.82 today to rise to $32.60 and more.
- Crash or sell-off will be there only if spot silver trades are below $30.82 in the USA session or after 7:00 pm Indian Time and till days close.
- As a day trader, I will prefer to remain on the sidelines in silver today.
- 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
- 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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