Tomorrow Fed interest rate announcement because of which Gold will be upside trend will continue for today
Fundamentals for the Day
6.00 PM Canada CPI Inflation m/m & y/y ECB President Lagarde Speaks
7.30 PM US Existing Home Sales
- Gold has cross 58847 last time high & make a top @ 60455. As on now bottom of Gold has place at 58750.
- This will be turning point for gold for upside move or correction can come max till this price only & turn back again up side.
- COMEX Gold resistance @ 2009$ from where a one can sell with SL 2017$+ for target 1968$ & 1952$
- Where COMEX Gold future has a bottom @ 1955$ around.
- SO in total if we understand Gold range @ this point in time around 2009$ - 1955$ best trading range.
- Any break out Buy apply @ 2017$+ for target 2070$
- Any break out sell apply @ 1948$ for down range @ 1913$ around target
Gold
Range: 58750 - 60070
Our Preference: Buy Gold 59175+ for target 59840 with SL 59000 only
Alternative Scenario: Sell Gold 60069 with SL 60201+ for target 59600
Breakout Buy & Sell
59000 Breakout touch 58750
Positional Buy : @ 58750 + for target 60060 with SL 58600 below only
Interim Trading Zone Resistance
59843 Sell @ 1st stroke with SL 90 point
Silver
Range: 67370 - 69500
Our Preference: Buy Silver 68100 with SL 67800 for target 69350
Alternative Scenario: Sell Silver 69500 for target 68150 with SL 69800+
Bottom Level for Silver as of now is 67370
Positional Buy @ 67370 for target 69350 with SL 66900
Above 69700+ sustain will open the gate of 72000 again.