Cryptocurrency Prices by Coinlib

Daily Bullion Report of 9th May 2022

Latest Updates

  • Shanghai shutdowns due to COVID lockdown are worsening supply shortages globally.
  • Fed is suppose to Taper from 9$ Trillion to a normal level is going to be an Big challange
  • By taking Money out of the system, liquidity will decrease & there could be a credit crunch just like 2008.
  • That is the reason Fed is afraid of recession due to rate hike & pulling money out of economy.
  • Effect: This will effect on a buy side in Gold for a long term Picture. But before that Gold may touch around 1820$ to 1835$ by weekend , which is a very good Buy point.

Technical View for the Day:

  • Dollar Index is high 104.06 after 19 years - Its Negative for Gold
  • Gold Open Interest 5,54,984 reduce by 18,789 lots which is quiet high it indicates GOLD will remain only Lower side for the day.
  • Daily Chart - It has a resistance @ 51555 which indicates to move Gold down till 50550 again.

Conclusion: Gold remain on Sell side only for the day.

USDINR will remain weak & try to cross 78Rs which will maintain MCX Gold & Silver sustain their prices on upper side even though COMEX remain downside.

Gold

Range: 51550- 50550

Our Preference: Sell Gold 51550 for target 51000 & 50700 with SL 51650+

Alternative Scenario: Buy Gold 50700+ for target 51150 with SL only below 50600

Trading Zone

51950 Last sell for the day

51550 Sell for the day


Silver

Range: 61914 - 63600

Our Preference: Buy Silver 61920+ for target 63500 with SL only below 61600

Alternative Scenario: Sell Silver Only below 61550 for target 60900 with SL 300 point

Silver has a crucial support @ 21.96$ = 61920 below the same Silver remain down for the sell.

Category :

Bullion Report