BULLION REPORT — GOLD & SILVER
Fundamentals for the Day
Asian Session – Japan Bank Lending y/y & Current Account are negative – which Negative for GOLD.
US CPI – Wednesday
US PPI – Thursday
No major advance event for the Day.
Stay alert on US=IRAN Statement or Announcement.
After Friday’s weaker US jobs report, Gold remains supported by expectations that the Fed may be less aggressive on rates, but traders are now waiting for US CPI and PPI for the next major direction.
GOLD
Range: 152550 – 145555 (Apply till Friday)
Our Preference: : Sell Gold @ 152550 with back up sell 152800 for target 149550 with SL 153000+ only if sustain
Alternative Scenario: Buy Gold @ 147550 for target 149100 with SL 147200
Trading Zone
149500 Buy for momentum with SL 149150 target 150400
153000 Breakout Buy 154280
154360 Sell for the Week
As per COMEX GOLD Spot 4372$ is last Friday High where we still prefer 4366$ is strongest sell point with SL 4380$ – If it cross the 4380$ will move towards 4440$ – which is again a very strong sell point.
From 4366$ sell 1st target will apply as 4266$ with SL 4380$
SILVER
On Friday – Post Non Farm declare Silver made a High of 65.15$ which is a very good sell point with a resistance.
Any breakout of 66$ will touch 70$ target.
Else just be on sell side only.
Range: 235000 – 221000
Our Preference: Sell Silver @ 235000 with back up sell 237000 target 227000 & 221000 with SL 238000
Alternative Scenario: Buy Silver @ 224630 with SL 220000 target 229000
Trading Zone
238000 Buy Breakout = 66$ only otherwise no Buy
228900 Buy @ 1st stroke for Jobbing only with SL 500 point
IMPORTANT
For the week, the major trigger remains US CPI on Wednesday and US PPI on Thursday.
Until these events, Gold and Silver can remain sensitive to profit-taking, US yields/dollar movement and any fresh US-Iran/Hormuz statement.
Our preference remains Sell on rise unless the stated breakout levels are crossed.
