BULLION REPORT – GOLD & SILVER
FUNDAMENTALS FOR THE DAY
5:45 PM – ADP Weekly Employment Change
7:30 PM – Existing Home Sales
GOLD
Yesterday night around 12:00 AM, COMEX Spot Gold crossed the 4,380$ level and continued moving towards our mentioned target of 4,440$. During the Asian session, Gold made a high of 4,434$ from China.
Now, a fresh breakout above 4,460$+ will open the next major upside gate towards 4,772$.
MCX Gold premiums continue to remain maintained at the current levels.
GOLD
RANGE: 155400 – 149000
OUR PREFERENCE: Sell Gold around 155000 with Backup Sell 155400 for targets 151500 and 149000
Stop Loss: 155800+
Note: 155800+ on MCX is approximately equivalent to 4,460$ on COMEX Spot. The level should sustain for the bearish view to remain valid.
ALTERNATIVE SCENARIO: Buy Gold only above 156200, equivalent to 4,460$+ on COMEX Spot, for target: 159650
Stop Loss: 155200
TRADING ZONE
151573 – Buy for the session
149000 – Buy for the day
SILVER
RANGE: 241113 – 230700
OUR PREFERENCE: Sell Silver around 241000 for target: 231800
Stop Loss: 243000
ALTERNATIVE SCENARIO: Buy Silver only above 243500 for target: 250224 with Stop Loss: 241000
The bullish scenario remains valid only if Silver sustains above the breakout level.
