Daily Bullion Report for the Day of 8th Feb 2023

Posted by Tradelinecapital
08 Feb 2023 12:24:54 PM

Fundamenetals for the Day

7.5 pm FOMC Member William Speaks

8.30 pm FOMC Member Barr speaks

Final Wholesale Inventories m/m

9.00 PM Crude Oil Inventories

11.31 PM BOND Auctions

12.15 AM FOMC Member Waller Speaks

Yesterday,

We mention Sell gold @ 57240 where Gold made a high of 57248 & move down with low 56950, after the speech of Powell @ 11.10 pm Gold made high of 57380 & move down again without sustaining. Closing of Gold LTP was 57170 while Settlement price was 57257.

Fed's Powell:

- Jobs Report Certainly Stronger Than Anyone Expected

- Friday Jobs Report Stronger Than Expected but Shows Why This Will Be a Long Process

- Need Policy at Restrictive Level for Period of Time

- Probably Need to Do Further Interest-Rate Increases

Effect: Powell said clearly they will increase the Interest rate may be in next meeting of March even though the strong Employment data is there.

Which means Gold may remain down in a positional or till next interest meeting & may touch 1794$ around by the time.

In the mean time upper side it may touch 1924.60$ from 1868$ this may be the range.
Below 1860$ will be good break out for Gold.

Gold

Range: 57400 - 56620

Our Preference: Sell Gold 57250 for target 56620 with SL 57400

Alternative Scenario: Sell Gold 57695 with SL 57825 for target 56650

Above 57400+ target 57695 with SL 100 point

56950+ Buy with SL 70 point

Silver

Range: 68240 - 66500

Our Preference: Sell Silver 68200 with SL 68550 for target 66500

Alternative Scenario: Buy Silver 66500+ for target 68000 with SL 66150 below only

As we can see After Friday Closing Gold + Silver are tied up & unable to move anywhere.
Which clearly means that Operator or Group of people have Bought have book their position & have sold more extra lots or they are looking at the people's response of the position.
Open Interest has slown down its space to move down now but still its decreasing which indicates Negative for Gold.

Pricing

Daily Bullion Report

Quarterly 25000/-
Half Yearly 44000/-
Yearly 81000/-

Weekly Bullion Report

Quarterly 51000/-
Half Yearly 81000/-
Yearly 150000/-

Daily Forex Report

Quarterly 251$
Half Yearly 444$
Yearly 851$

Weekly Forex Report

Quarterly 300$
Half Yearly 551$
Yearly 1001$

Daily Crude Report

Quarterly 200$
Half Yearly 333$
Yearly 600$

Weekly Crude Report

Quarterly 251$
Half Yearly 444$
Yearly 851$

Weekly Crypto Report

Quarterly 200$
Half Yearly 333$
Yearly 600$

Daily Bullion Report for the Day of 8th Feb 2023

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