Daily Bullion Report for the Day 3rd Feb 2023

Posted by Tradelinecapital
03 Feb 2023 12:35:50 PM

Fundamentals for the Day

7.00 PM Average Hourly Earnings m/m
Non Farm Employment Change

Unemployment Rate

8.15 PM Final Service PMI

8.30 PM ISM Service PMI

Yesterday,

Bank of England has hike interest rate by 0.50%
ECB has hike interest rate by 0.25%
ECB is union of 20 Countries because of that even small amount interest rate make a very good impact on the Currencies as well other related instruments.

ECB'S PRESIDENT LAGARDE says

Don't doubt about our determination to achieve 2% inflation
I can not think of scenarios where a 50 BPS hike would not happen unless they are quiet extreme
The Bank lending survey shows a good transmission of ECB monetary policy
In the ECB Press conference they clearly mention to touch their target of 2% inflation & for the same they may increase interest rate if its is required.
US companies quarter results were extreme in positive side which make very strength in US Indices ( Dow, NASDAQ & S&P 500) as well as US Dollar
All Currencies & Gold specifically weaken against Dollar after Yesterday Declaration.

Gold

For a positional trader who has hold their position can wait for breaking 1919$ in future which will open the gate of 1868$ in COMEX, So 1921$ here is a key resistance & below that only sell position will be activate.

We expect in GOLD will touch 55875 as it moves below our 57200 key point in MCX so a trader can add a fresh sell & hold till this target.

Range: 58477 - 57350

Momentum Trading: Buy Gold 57650 SL 57525 target 57990

Our Preference: Buy Gold 57350 with SL 57220 for target 58000

Alternative Scenario: Sell Gold 58477 with SL 58601 for target 57700

Only for Jobbing call for immediate small point which will work for 3 hours after activate & close even though target or stop loss not arrive.

Sell @ 57990 SL 58110 target 57700

Sell @ 58234 SL 58334 target 57990

Last sell for the day 58477 SL 58577+ target 57650

Buy @ 57625 with SL 57500 for target 57990

Silver

Silver has make an double top in COMEX @ 24.75$ future which makes a good resistance.

Range: 71000 - 68569

Our preference: Sell Silver 70950 with SL 71500 for target 69769 & 68569

Alternative Scenario: Buy Silver 68569+ for target 69829 & 70669 with SL 68259

Sell stop will be activate below 69500 only
Silver made a low of 66769 & touch 72769 its very coincidence that such kind of figure exact 6000 point got plus 23rd Jan 2023 to 2nd Feb 2023 exact on 10 days of completion.
Evening live updates of USA market movement as per data may change the direction which we will provided on direct Whats app only

Thanks

Daily Bullion Report for the Day 3rd Feb 2023

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