- Get ready for a three percent one way price move in gold, silver, and copper after the release of US January CPI number at 7:00 pm Indian Time.
Overhyped is US January consumer price index (CPI) number. Traders reaction will be wild. Some traders are sitting on cash waiting for CPI numbers. They will invest for the short term after the CPI number.
SIGNIFICANT FALL IN CPI – Potential trend
- Gold: Gold has to trade over $1884.00 after CPI and the following day to rise to $1903.10 and $1933.70 and $1975.00 and also try and break $2000.
- Silver: Silver has to trade over $22.00 after CPI and the following day to rise to $22.79 and $24.82.
- Copper March: Copper will rise to $414.40 and $433.90 if CPI falls significantly. But it needs to trade over $405.00 after CPI and for a week thereafter to zoom and near $450.00.
- Crude Oil: Crude oil will not be impacted by CPI numbers. It will be a technical trade for energies.
SIGNIFICANT RISE IN CPI – Potential trend
- Gold: Gold will fall to $1818.60 and $1762.80 if there is a significant rise in US January CPI.
- Silver: Silver will crash if it trades below $21.60 after CPI and for two consecutive trading sessions thereafter to $20.61 and $19.15.
- Copper March: Copper will fall first to $388.90 and $369.30 and thereafter rise. Crash in copper will not be sustainable. There will be a sling shot type “V” shaped price move in copper if CPI rises significantly.
Trend of US stock futures between 15th February and 21st February is the key. All metals and energies will crash or plunge or see a short term technical breakdown if US stock markets move into a short term bearish zone after CPI and PPI. If not, then all price crash is another very good short term and medium term investing opportunity.
Spot Gold
- Daily support: $1814.90, $1834.70 and $1845.20
- Daily resistance: $1863.80, $1874.30, and $1894.20
- Gold has to trade over 1845.20 to rise to $1874.30 and $1909.20.
- Crash/sell off in spot gold will be there only if it trades below $1845.20.
Spot Silver:
- Daily Support: $21.62
- Daily Resistance: $22.20 and $22.60
- Spot silver has to trade over $21.60 to rise to $22.70 and $23.10.
- Crash or sell off will be there only if spot silver trades below $21.60.
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COMEX FUTURES DAILY TECHNICAL |
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|
|
Gold April 23 |
Silver March 23 |
Copper March 23 |
Nymex Crude oil |
|
CMP |
$1,868.15 |
$2,199.20 |
$406.00 |
$79.30 |
|
S5 |
$1,809.43 |
$2,009.30 |
$385.10 |
$72.93 |
|
S4 |
$1,823.33 |
$2,054.42 |
$390.06 |
$74.43 |
|
S3 |
$1,838.39 |
$2,103.30 |
$395.43 |
$76.07 |
|
S2 |
$1,845.22 |
$2,125.48 |
$397.86 |
$76.80 |
|
S1 |
$1,853.68 |
$2,152.93 |
$400.88 |
$77.72 |
|
|
|
|
|
|
|
R1 |
$1,881.02 |
$2,241.67 |
$410.62 |
$80.68 |
|
R2 |
$1,889.48 |
$2,269.12 |
$413.64 |
$81.60 |
|
R3 |
$1,896.31 |
$2,291.30 |
$416.08 |
$82.34 |
|
R4 |
$1,911.37 |
$2,340.18 |
$421.44 |
$83.97 |
|
R5 |
$1,925.27 |
$2,385.30 |
$426.40 |
$85.47 |
|
Breakdown level |
$1,852.87 |
$2,150.30 |
$400.59 |
$77.63 |
|
Breakout Level |
$1,881.83 |
$2,244.30 |
$410.91 |
$80.77 |
|
CMP= Current price market price |
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ABOVE TECHNICALS ARE ONLY FOR REFERENCE |
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COMEX GOLD APRIL 2023
- Key price to watch: 1849.80
- Gold has to trade over $1849.80 to rise to $1892 and $1921.40
- Gold will crash only if it trades below $1849.80 after CPI and till days close to $1805.50.
COMEX SILVER MARCH 2023
- Key price to watch $2167.00
- Silver has to trade over $2167.00 to rise to $2279 and $2373.
- Mild sell off will be there if silver trades below initial support of $2167.00
NYMEX CRUDE OIL (March 2023)
- Crude oil has to trade over $77.10 to rise to $82.20.
- Crash or sell off will be there only if crude oil trades below $77.10.
COMEX COPPER MARCH 2023
- Copper has to trade over $395.00 to rise to $410.70 and $419.30.
- Copper will crash only if it trades below $395.00 after CPI and till days close to $383 and $369
- If copper does not fall below $395 today and tomorrow then chance of $430 and $450 will be very high.
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