The Bank of England is expected to cut interest rates by a quarter of a percentage today while the European Central bank may change to a softer tone on interest rates. Gold and silver will be volatile and were unnerved by gains in the US dollar and declines in crude oil. Technically they are neutral to bullish. Friday’s close will set the tone for the rest of the month for gold and silver. A lower close on Friday will
suggest more losses next week.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1676.0
Silver will consolidate in a wider $1630-$1680 range. A consolidated break of $1680 will result in $1696 and $1712.
COPPER -- MARCH FUTURE -- INTRA DAY PIVOT: $339.0
Back to square one for copper. If copper holds $316 this week then it should break $339 by next week.
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $85.20
Crude oil has to hold $85 or break $90 for direction.
MCXARUN
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