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Asian Metals Market Update for 23rd February 2023

  • Just trade in the technical till London AM Fix.

Trend after London AM Fix is the key. Traders are slowly factoring in a 0.50% interest rate hike for March Federal Reserve meeting.

What Next for gold, silver, and copper after FOMC minutes?

  • Short term technical are still slightly bearish for gold and silver but bullish for copper.
  • Position squaring and rebuilding has started for March end in precious metals and base metals.
  • A cyclical period of low global demand will be there in precious metals and base metals till the third week of March.
  • Spot gold is bearish for the short term as it trades below 50 day MA of $1864.60. BUT it needs to trade over 100 day MA of $1791.10 to be in a medium term bullish zone
  • Spot silver is caught between 100 day MA of $22.01 and 200 day MA of $21.01.

January Core PCE number tomorrow is another number which can change the market trend in gold and silver. Copper and all base metals can see some sharp two way price moves till Monday.

Consolidate à Zig-Zag price movesà Consolidateà One way trend. Such type of price moves can happen off and onn till next week. Day traders and jobbers have to be careful.

Spot Gold

  • Daily support: $1816.90
  • Daily resistance: $1843.00 and $1862.80
  • Gold has to trade over $1816.90 to rise to $1843.00 and $1862.80.
  • Crash or sell off will be there only if gold trades below $1816.90 to $1807.10 and $1790.90.

Spot Silver:

  • Daily Support: $21.04 and $21.52
  • Daily Resistance: $22.10 and $22.43 and $23.01
  • Spot silver has to trade over $21.52 to rise to $22.20 and more
  • Crash or sell off will be there only if spot silver trades below $21.50 after London opens to $21.10 and $20.80

NYMEX CRUDE OIL (March 2023) 

  • Crude oil has to trade over $73.20 to rise to $79.40 and $82.20.
  • Crash or sell off will be there only if crude oil trades below $73.20.


  • Copper has to trade over $415.00 to zoom to $431.20
  • Copper will crash only if it trades below $415.00 today.

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