Fundamentals of the Day
7.00 pm PPI & Core PPI M/M
8.30 pm FOMC Member Brainard Speaks
9.00 pm Natural Gas Storage
11.31 pm 30 Y bond Auction
Gold has a bottom out point of 47300, Any range breakout is only below 47200. As per the Economist statement of Last Fed Meeting they are very much worried about Inflation. It shows Gold will move up til 1844$.
The most important part is
Range: 47500 - 48350
Our Preference: Buy Gold 47750 for target 48050 & 48350 with SL 47600
Alternative Scenario: Buy Gold 47500+ for target 48050 & 48350 with back up buy 47332 SL 47200
Positional Trader will maintain SL of 47200 below only ... its the turning point for the trend.
Range: 61200 - 63106
Our Preference: Buy Silver 61432+ for target 62350 & 62896
Silver trader in a very narrow range for a weekly trader ... on Down side 60,000 is a limited price with upper side cap till 63700 with low volume