Fundamentals for the Day
6.30 PM FOMC Member Logan Speaks
7.15 PM Flash Manufacturing PMI
Flash Service PMI
7.30 pm New Home Sales
Richmond Manufacturing Index
- Open Interest of Gold continuously reducing downside only, Which indicates Gold will remain downside.
- Upper break out has been maintain By Gold 1987$ & traded below the same which indicates it may try to touch 1937$ by 31st May 2023
- Fed is not going to Rate hike in the month of June which may support Dollar as of now which may continue negative to Gold
Gold
Range: 1937$- 1987$
Immediate Buy Gold 1963$ for target 1972$ with SL 1959$
Our Preference: Sell Gold 1980$ with back up sell 1987$ for target 1937$ with SL 1991$+
Alternative Scenario: Buy Gold 1937$+ for target 1975$ with SL 1930$ below only
Silver
Range: 23.18$ - 24.36$
Day Range: 23.18$ - 24$
Momentum Buy 23.57$ SL 23.45$ target 23.75$
Our Preference: Sell Silver 24$ for target 23.20$ with SL 24.20$+ only is sustain
In case of its position cut will move again from 24.36$ for sell with SL 24.45$+ for same target
Alternative Scenario: Buy Silver 23.18$+ target 23.70$ with SL 22.97$