Fundamentals for the Day
6.00 PM Empire Estate Manufacturing Index
6.45 pm FOMC Member Kashkari Speaks
Gold Open Interest is 5,21,491 on 12th May 2023.
Gold
Range: 2029$ - 1987$
Our Preference: Sell Gold 2029$ for target 2006$ & below 2000$ extended 1987$ with SL of 2034$ above only.
Alternative Scenario: Buy Gold 1987$ target 2000 & 2012$ with SL 1979$ below only.
Trading Zone
2006$ Buy @ 1st stroke
2021$ Sell @ 1st stroke
SL apply of 3$ for jobbing purpose only.
The Above trend line shows 2029$ around is the good resistance in Gold with a lower or downside sell target will arrive near 1987$ & in long run 1938$ around which shows at present 1919.20$.
Silver
Range: 24.66$ - 23.73$
Our Preference: Sell Silver 24.66$ for target 23.72$ with SL 24.86$+
Alternative Scenario : Buy Silver 23.72$+ target 24.48$ with SL 23.47$ below only.
23.42$ Breakout sell will open gate of 22$ .