Housekeeping: Good Morning. Expect more activity in the Substack comments answering questions now.
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Today:
Gold is poised for greatness above $2088
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Yesterday’s Activity:
US equities rallied on Friday, with the Nasdaq closing at an all-time high. Gold roofed on fresh buying
Market News:
NOTABLE HEADLINES
Fed Chair Powell is expected to double down on his message that there’s no rush for the Fed to cut rates when he delivers in semi-annual testimony to the House committee and a Senate panel on Wednesday and Thursday, respectively, according to Bloomberg.
US congressional leaders released the text of a bill to fund the government through September 30th and avert a government shutdown- kicking less
Former US President Donald Trump won the Michigan Republican caucuses
Fitch affirmed the US at AA+; Outlook Stable.- POTUS
Fitch downgraded New York Community Bancorp’s (NYCB) rating
GEOPOLITICS
"Opec+ members led by Saudi Arabia and Russia have extended the latest round of voluntary cuts to oil production for another three months
US official said on Saturday that the outlines of a Gaza peace deal are in place and it depends on Hamas agreeing to release hostages, according to Reuters.
More1
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, MARCH 4 12:00 pm Philadelphia Fed President Tom Harker
TUESDAY, MARCH 5 10:00 am ISM services Feb.
WEDNESDAY, MARCH 6 10:00 am Fed Chair testifies to Congress
THURSDAY, MARCH 7 Fed Chair Jerome Powell testifies to Congress
FRIDAY, MARCH 8 U.S. NFP unemployment rate 2
Markets/Metals Commentary (Charts):
Comment:
Gold- What we’d like to see next
Silver- 25.27 basis May Contract now according to Michael Oliver is key
A final long -term “On board!” signal will be rendered with a monthly close this month at $25.27 (that trigger adjusts down monthly). It ’s based on 36 -mo. avg. momentum. That chart was in a February 18th report. Again, that is not an initial signal to be long, recent action justifies that. But a final table pounder buy signal. Tonal change in silver upside is highly likely at that point forward.
Oil-
Stocks-
BTC/ETH-
Bonds-
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BOA raises their 2024 S/P Target
