Bullion report update of 5th April 2022

Latest Updates

Shanghai reports 9,006 new coronavirus cases, the biggest one-day increase on record
On March 1, the U.S. Department of Energy committed to releasing 30 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) to ensure an adequate supply of petroleum in response to Russia's further invasion of Ukraine.
Effect: This will try to impact on Crude prices calm down & stay low at least for short term. Which will effect on other commodity prices also stay don a little bit. But crude prices won't sustain much longer on downside.
Indian rupee benefits from weak oil prices and upbeat market mood.
The Indian rupee is benefitting from falling oil prices and a risk-on impulse amid de-escalation in the Russia-Ukraine war.
Effect: 1 rs = 500 rs move in MCX Gold, As USDINR get stronger Gold remain Down even though COMEX gold move up.

Gold

Range: 51117 - 51900

Our Preference: Buy GOLD 51200 for target 51700 & 51900 with SL only below 51010

Alternative Scenario: Sell Gold 51950 with SL 52100+ for target 51400

Trading Zone

51350 Buy with SL 70 point

51750 Sell with SL 80 point

Positional Trader will buy GOLD as per match with comex 1917$ future with back up buy 1890$ = 50750 in MCX

Silver

Range: 65200 - 68000

Our Preference: Buy Silver 65300+ for target 66900 with SL 65000

Alternative Scenario: Sell Silver 67600 with SL 67900 for target 65900

Trading Zone

66900 Sell @ 1st stroke SL 200 point

65800 Buy @ 1st stroke SL 150 point

Positional trader will wait for Buy silver @ 65300 with back up buy 64300

As per COMEX 23.63$ is the best price which mean MCX trader will start buy exactly from 24$ around COMEX future trade & buy MCX

Pricing