Gold will remain upside for the week of 23rd May to 27th May 2022
What we gave last week ?
Gold has touch our 1st target of 1850$ where we mention for Positional trader Buy @ 1798$ in MCX it touch 50800 where we gave buy @ 49700+ for Positional Trader.
Latest Status of other factors affecting Gold
- Dollar Index is trading @ 102.80$.
- S&P 500, Nasdaq are trading @ the lowest of the year.
- Crypto Currencies are facing heavy selling till Friday night, BITCOIN trading @ 29000 around.
- Treasuries Bonds are on HIGH.
- Inflation is not ready to give reduce till date.
Effect: All this indicates Gold will take one more step of upside of this week.Gold will take a base support of 1825$ & will move upside till 1885$.
MCX Gold will take a base support of 50400+ & will touch 51500.
Day Range: 51250 - 50600
Our Preference: Buy Gold 50800 + for target 51400 with SL 50680 below only.
Alternative Scenario: Sell Gold @ 51400 with SL 51550 above only for target 51000 ( Intraday only)
50800 Buy starts for the day
51110 Sell for the momentum
Silver has touch our 1st positional target 62000 where we mention buy from 58500+ for target 62000 & Silver made the same high.Silver will touch 64400 this week with the base support of 60800 by Friday night.
Range: 60850 - 62500
Our Preference: Buy Silver 61000+ for target 62000 with SL only below 60600
Alternative Scenario: Sell Silver 62371 SL 62600 for target 61500 ( Intraday only)
62000 Sell for the momentum
Buy Stop 62600 target 63227
Positional Trader will Buy Silver with base of 60850 for target 64400 with risk only below 60000 if sustain then exit only.