Fed has hike the interest by 50 basis point since 2000.
Effect: As per this hike Gold should move down by 100$. While Gold has already remain down after 16th April & before 4th May decision by 153$. Where 0.25% interest rate decrease in Gold 50$, 0.50% interest decrease 100$, which movement has already completed by Gold in advance. So based on this Gold has make a base price of 1890$ on downside & will give upside move only with the based on this.
Range: 1890 - 1950
Our preference: Buy Gold 1890 SL 1882 target 1925 & add more only if cross 1931$ for extended target 1957
Momentum Call: Sell Gold 1926 with SL 1931 for target 1912
Gold will remain upside till tomorrow night
Range: 22.85$ -24.31$
Our Preference: Buy Silver 22.82$ for target 23.45$, add more above 23.65$ for extended target 24.31$ with SL only below 22.65$
Alternative Scenario: Sell Silver 24.31$ for target 23$ with SL only above 24.65$+
Silver has taken the base of 22$ around - at this price RSI was 24 which was the extreme down side, where it made a double bottom @ 21.96$. So now it moving towards 24.31$.