- Dollar Index trading @ 101.57 - Yesterday High 101.77.
- US Dollar has strength vs 6 major currencies which cause upside fro Dollar Index.
- US Fed interest rate hike next week on 4th May 2022. Expected rate is increase by 0.50 basis point.
- Effect is almost 80$ to 90$ down on Gold. But gold has given all its impact in advance by almost 110$ down, wheere its 2003 High & low 1891.8$
- Gold has a bottom point 1890$ & MCX has a previous low 51251 where it will try to make a double bottom so trader will make a good buy position on this rates
- Now Gold will up from 1890$ to 1924$ & will trade in between till 29th April.
- It will remain under pressure due to Fed interest rate hike but on the opposite a war is on, Safe heaven is only Gold, hedge fund & all has started Buy Gold below 1900$ again.
- Any down side position is only below 1875$. Its stop sell on break out.
- MCX has a Break out sell @ 51100 below only.
Our Buy Call activate which will continue .. all trader will carry their Buy position in Gold
Our Preference: Buy Gold 51350+ for target 51982 with SL 51200 below only IF sustain.
Alternative Scenario: Sell Gold 52014 with SL 52150 for target 51550.
COMEX Gold is buy from 1890$+ for target 1924$ where again a short sell will arrive.
Our Preference: Buy Silver 63900+ for target 64900 with SL 63590.
Silver is still in under pressure + Expiry days are on so we will wait fr positional Buy in Silver till 29th April. Buy rate is 23.63$ in Silver only Buy point & exit buy only below 23.33$ which will take it down till 22$ in a week.
But just be on Buy side we will prefer in Gold & Silver both.