Its big Week
Fed Interest Rate Hike this week on 4th May 2022
Non Farm Employment Change on Friday
Putin going for surgery & will transfer his Power to Ex KGB Boss - which assume as war will go smoother.
On Friday Gold close little downside.
Open Interest 5,61,337 & Volume 1,88,075 as per this gold will take a little upside from its support.
FOMC decision indicates Gold & Silver may continue their downside till 4th May Wednesday. No buy is allowed till that date.
Silver has already cross 23$ & moving towards 22$. Which indicates it will also remain downside only.
Gold & Silver both are in open sell position
Range: 51300 - 50650
Our Preference: Sell Gold @ 51300 for target 50750 with SL only above 51450+
Session Call: Sell Gold 51100 SL 51200 target 50825
Trend is down completely. As we mention last week After crossing 1890$ Gold has open the gate of 1820$, where it made a low of 1870.9$ & bounce back to 1921$. Which was a small hedge fund enter for Buy. But this week it does not seems like any body wants to take a Buy in a middle of such a mess. So seller will continue their sell till 4th May & exit position on 4th may night compulsory.
Buyer have to wait till4th May 2022 wed & Buy @ 1820$ match with MCX & Buy Gold for positional.
Silver is trading in open sell area
Range: 63700 - 62000
Our Preference: Sell Silver 63500 SL above 63900+ for target 62000