When a Monday we saw over a 1.7% move to the upside for gold breaking out to the highest level since December of 2012 where we have course saw a significant drop in global stock markets.

We saw oil prices dropped by over 30% on of course, we saw significant gaps here on the open.

Now, actually, on Tuesday, we've now seen gold pull back over 1%.

It initially taps 1702 U.

S.

Dollars per ounce before them finding support at 1649 U.

S.

Dollars.

This is effectively, really what we're looking out over the course of this week potential for support to keep coming in around that 1650 U.

S.

Dollars per ounce. 00:00:58.730 --> 00:01:9.800 Handle and see resistance at 1700 were ricocheting between those levels right now I would look for evidence at that zone of 1650 to 1660 U. 00:01:9.800 --> 00:01:9.950 S. 00:01:9.950 --> 00:01:13.000 Dollars per ounce for buying evidence here on gold.

If you see that, then of course, we can start to build up momentum again, back towards the swing highs of 1700.

Now, of course, with that, that's that the seven year highs now we do have later on this week a major news item which you want to keep on your radar, which is the European Central Bank announcements that will be on Thursday, then next week.

We also have a major news item as well, which is going to be the FOMC statement on March the 18th.

So, of course, last Tuesday we saw a emergency rate car in the afternoon, which propelled gold significantly high its biggest one day move since 2013.

We discussed with you last week where we were effectively selling short gold at the beginning of the week, which was certainly working as a sell short.

We bank 200 points on that trade protected the position. 00:01:55.140 --> 00:02:7.710 We don't solve a significant break out, which we capitalized on by silver and platinum after we saw that the Federal Reserve had stunned the markets and effectively, they've gone into this interest rate cut, which was not to be anticipated. 00:02:7.720 --> 00:02:9.970 At that point, it wasn't a scheduled news item. 00:02:9.970 --> 00:02:15.380 This was an emergency rate cut by the Federal Reserve, which of course, propelled the metal is significantly higher.

As I discussed on the weak head Commodity report, it's very important that your nimble in the markets if you see a change in the fundamentals that you're able to react, able to switch position when you need to protect your trade for tech your profits on, then capitalize on the subsequent moves.

So it's been a great week from the standpoint off the precious metals that gaps on the Open, which is in fact, exactly what we wanted to see happen.

We had two positions on platinum, which banks are 620 points on also four positions on silver, which we banked all of those profits off the open.

This pullback on seeing right now with the metals on Monday on Tuesday.

As I'm sure you're aware, this is very typical that counter flow.

If we got up on the Open on Monday off when we do roll over, we fill the gap. 00:02:52.980 --> 00:03:0.050 And then on Tuesday, we start to see support comeback in especially around key levels, which we're seeing right now around 1600 on 50 U. 00:03:0.050 --> 00:03:0.200 S. 00:03:0.200 --> 00:03:3.910 Dollars per ounce on neighboring opportunities to then trade the range. 00:03:4.010 --> 00:03:9.690 The caveat to that will be if we were to break below and closed below 1650 U. 00:03:9.690 --> 00:03:9.830 S. 00:03:9.830 --> 00:03:11.750 Dollars per ounce this week.

That could then send gold lower and start to make a move back towards the 1600 magnetic level.

On the flip side of that, of course, if we hold 16 50 were trading above that level right now, then we could start.

CIA moved back toward the swing highs again of 1700 on.

Of course, if 1700 was to be taken out, that is what opens the door up to the next major level of resistance of 1750 U.

S.

Dollars part ounce.

We've also seen significant moves here on platinum and silver off the Sunday Open.

They've rolled over there also filled their gaps.

On Monday, we're sitting out quite key levels, which I'll talk you through in more detail on Silver Asset of the Day.

I'm sure you're aware, but we have seen Donald Trump starts to provide some additional sentiment positive sentiment, really to the stock markets by promising a package which will offer stimulus to equities. 00:03:57.840 --> 00:04:0.410 And with that, we're starting to see equities climb on. 00:04:0.420 --> 00:04:8.490 Also, the energy's build a bit of support stay as well, which is putting a little bit off further pressure on the metals have seen a 1% drop so far with gold. 00:04:8.500 --> 00:04:10.160 Also, what we're seeing right now is the U.

S dollar is starting to stage a bit of a recovery.

What we want to observe is whether this will continue to follow through right now.

Course Corona virus Headline news items are having a very negative impact on the global stock markets and also energies as well.

We continue to see that put pressure so each time that we are seeing an acceleration in the number of people infected with the growing the virus, the number of deaths that does tend to have a negative impact on the stock markets and also energy markets.

Of course, last week we had OPEC meeting at the end of the week where no resolution was pretty place between OPEC and Russia and as a result we had that considerable drop on the open over 1000 point move lower for crude oil off the back of that and of course this provided a great opportunity with the metals.

If you've got in your positions last week to capitalize on banking on the Open because now we've seen the Gap Bill when we're back a key levels again. 00:04:59.210 --> 00:05:1.810 So overall, I'm looking for rangebound trade this week. 00:05:1.810 --> 00:05:8.450 If we can continue to hold above 16 50 I would suggest that office an opportunity for a range bound trade back towards the swing highs. 00:05:8.450 --> 00:05:13.940 If we do break below 16 50 that's where the door could open battles and next major key level of 1600.

But for now we're holding about 16 50.

That's providing some good bye opportunities on the lower timeframes and just be mindful later in the week.

We do have the European Central Bank announcement on Thursday.

They are anticipated to cut interest rates and you saw what happened when the U.

S cut interest rates last week.