In FOMC meeting declare to hike inerest rate by 50 basis point consecutively for 2 times, this was the major reason where Gold remain downside yesterday, now it will move upside only because effect of this news has completed based on this news gold made a low of 1838.70$ where base support was 1842$ now it will again try to touch 1870$ from the dame point.
Any downside only applicable below 1835$ only.
Range: 50554 - 51300
Our Preference: Buy Gold 50700+ for target 51150 & 51300 with SL 50550
Alternative Scenario: Buy Gold 50409+ for target 50950 with SL 50280
Range: 61000 -62500
Our Preference: Buy Silver 61048+ for target 62048 with SL only below 60650
Alternative Scenario: Sell Silver only below 60700 for target 60232 with SL 300 point
Silver is still moving in the range only with its base price of 61048 till the time it does not break it will remain upside only .