Fundamentals for the Day
8.15 pm Final Services PMI
8.30 pm ISM Service PMI
9.30 PM FOMC Member Logan Speaks
Tentative Fed Monetary Report
- Gold Open Interest is 4,36,741 which has been increase with 5000 quantity from previous day, which indicate Gold COMEX will move higher even with a lower volume till 1860$, which is a resistance point.
- USDINR is gaining its strength by 0.50 today which is pressing MCX gold price on downside while comex remain upside which indicates Gold will remain SIde way zigzag position.
Gold
Range:55580 - 56242
Our Preference: Buy Gold 55580 with back up buy 55410 for target 56000 with SL 55350
Alternative Scenario: Sell Gold 56000 with back up sell 56200 for target 55590 with SL 56301
Trading Zone
55740 Buy with SL 70 point
Silver
Range: 63700 - 65000
Our Preference: Buy Silver 63760 with back up buy 63350 for target 65000 with SL 63150
Alternative Scenario: Sell Silver 65000 with SL 65300 for target 63900