Fundamentals for the Day
6.45 PM ADP Non Farm employment change
8.15 PM Final Manufacturing PMI
8.30 PM ISM Manufacturing PMI
JOLTS Job Opening
ISM Manufacturing PMI
12.30 PM FOMC Statement
Federal Fund Rate
01.00 AM FOMC Press Conference
- Under the Indian Budget there is no declaration of Import duty, Its only about increase domestic duty can be levied on Ornaments of Gold silver.
- Just based on this news Gold silver move up. Which is increase by domestic player as a Gambling this indicates Gold will be on their own price to back from where they have started upside that is 57200.
- As the price range will be bigger for next 3 days in Gold so we have given a holding call.
- Tonight we prefer to Carry Gold sell only from near by 58000 price.
- Today Fed will announce its rate hike decision @ 12.30 AM as well a press conference is also important
- Gold break out : Above 58200+ gold will open target 59800 only.
Based on this International market will also reduce their pricing.
Gold
Range: 58050 - 56650
Our Preference: Sell Gold 58000 with SL 58201+ for target 56650 by Friday night.
Alternative Scenario: Buy Gold 56600 with SL 56400 for target 57200
Silver
Range: 70300 - 68000
Our Preference: Sell Silver 70300 for target 68500 with SL 70650+ only if sustain