Daily Markets

• Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering. Brent prices are on track to rise for the sixth straight session, the longest stretch of gains since May 2022, buoyed by hopes of China's demand recovery and as new refining capacity in Asia and Middle East is being ramped up, processing more crude. Chevron Corp (NYSE:CVX) chief executive Mike Wirth said ships carrying Russian crude and products now have to travel over longer distances to reach non-sanctioned markets while oil inventories and swing supplies are limited, making the global market vulnerable to any unexpected supply disruption. Traders are keenly awaiting China's oil trade data for January and February later on Tuesday, looking for signals of a recovery in demand following Beijing's lifting of pandemic controls late last year. In the U.S., this week's reports of crude and product inventories for the week ended March 3 are expected to show decreases, a preliminary Reuters poll showed on Monday. This could be the first decrease in 10 weeks, taking into consideration earlier official Energy Information Administration data. [EIA/S] The weekly reports from the American Petroleum Institute, an industry group, are due at 4:30 p.m. ET (2130 GMT) on Tuesday, and at 10:30 a.m. (1530 GMT) on Wednesday from the Energy Information Administration. For the remainder of March, analysts' price expectations for the oil benchmarks remain bullish.

Gold – XAU

Gold on Tuesday made it’s intraday high of US$1858.16/oz and low of $1845.01/oz. Gold is down by 0.438% at US$1846.51/oz.

Technicals in Focus:

In daily charts, prices are above 200DMA (1809) and breakage below will call for 1790. MACD is above the zero line and histograms are a2lso increasing trend and it will bring an upward stance in the upcoming sessions. RSI is in the overbought region and more upside is expected before it gets stretched. The Stochastic Oscillator is in neutral territory and giving a negative crossover to a bearish stance for intraday trade.

Trading Strategy: Sell on Strength

Sell below 1860-1900 keeping stop loss closing above 1900, targeting 1844-1830-1823 and 1802-1790-1774. Buy in between 1830-1761 with risk below 1761, targeting 1844 and 1853-1874-1887.

Silver - XAG

Silver on Monday made its intraday high of US$21.29/oz and low of US20.97/oz settled down by 0.806% at US$21.03/oz.

Technicals in Focus:

On daily charts, silver is sustaining below 100DMA (21.00), breakage above will lead to 21.60. MACD is below the zero line and histograms are decreasing trend and it will bring a bearish stance in the upcoming sessions. RSI is approaching the neutral region, indicating a buy signal for now. The Stochastic Oscillator is in the oversold region and gives a positive crossover to show an upside move for the intraday trade.

Trading Strategy: Buy on Dips

Buy in between 20.60-18.30, targeting 22.10-23.00 and 24.40-25.00-25.90 with stop loss should be placed on the breakage below 18.00. Sell in between 21.10-26.20 with stop loss above 26.20; targeting 20.70-19.90 and 19.50-19.01.

Oil - WTI

Crude Ol on Monday made an intra‐day high of US$80.65/bbl, an intraday low of US$78.36/bbl, and settled up by 1.045% to close at US$80.53/bbl.

Technicals in Focus:

On daily charts, oil is sustaining above its 20DMA i.e. 68.50 which is a support level and breakage below will call for 65.40. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the neutral region, giving a positive crossover for confirmation of a bullish stance; while the RSI is in the neutral region and more upside can be expected to reach the overbought region, which is highly probable.

Trading Strategy: Neutral to Sell

Sell in between 79.55-82.40 with stop loss at 82.40; targeting 78.10-77.00-75.10 and 74.00-73.10-72.40. Buy above 78.10-72.40 with risk daily closing below 72.40; targeting 79.55-80.30-81.00 and 81.90-82.50.

EUR/USD

EUR/USD on Monday made an intraday low of US$1.0621/EUR, a high of US$1.0693/EUR, and settled the day up by 0.518% to close at US$1.0678/EUR.

Technicals in Focus:

On daily charts, prices are sustaining above 50DMA (1.0736), which becomes immediate support, a break below will target 1.0647. MACD is above the zero line and histograms are increasing mode which will bring a bullish view. Stochastic is in overbought territory and giving positive crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.

Trading Strategy: Neutral to Sell

Sell below 1.0650-1.0810, targeting 1.0520-1.0480 and 1.0450-1.0400 with stop-loss at daily closing above 1.0810. Buy above 1.0590-1.0450 with risk below 1.0450 targeting 1.0550-1.0590-1.0650 and 1.0690-1.0750-1.0810.

GBP/USD

GBP/USD on Monday made an intra‐day low of US$1.1992/GBP, a high of US$1.2048/GBP, and settled the day up 0.851% to close at US$1.2017/GBP.

Technicals in Focus:

On daily charts, prices are sustaining below 20DMA (1.21) is becoming a resistance level. 14-D RSI is currently in a neutral region and direction is difficult to predict on RSI bases. The Stochastic Oscillator is in overbought territory and gives a positive crossover to confirm bullish a stance. MACD is above the zero line but histograms are increasing leading to movement.

Trading Strategy: Neutral to Buy

Based on the charts and explanations above; buy in between 1.2010-1.1650 with a target of 1.2090-1.2120 and 1.2170-1.2290- 1.2390 with a stop loss closing below 1.1650. Sell in between 1.2060-1.2650 with targets at 1.2010-1.1900-1.1820 and 1.1750- 1.1650-1.1600 with stop loss should be 1.2445.

USD/JPY

USD/JPY on Monday made an intra‐day low of JPY135.36/USD and made an intraday high of JPY136.18/USD and settled the day down by 0.0375% at JPY135.90/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 200DMA (108.30), which is initial support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is in neutral territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.

Trading Strategy: Neutral to Sell

Sell below 136.20-140.60 with risk above 140.60 targeting 135.50-134.90-133.90 and 132.90-132.00-131.60. Long positions above 135.50-131.20 with targets of 136.50-138.10-139.00 and 140.10-140.60 with stops below 130.00.