India's forex reserves fall by $11.17 bn in sharpest ever weekly drop
Forex reserve levels: For the previous week - ending March 25 - reserves slid by $2.03 billion to $617.648 billion.
Effect: India's Forex reserve move down which impact directly on USDINR get negative, as well as Gold reserve is also falling, which indicates RBI needs to re balance the gold shortage both the point are positive for GOLD in Indian Market.
As we mention in all our reports GOLD will remain upside only as per all fundamentals ... COMEX gold just gave the break out of 1951$ + today which will move for target 1987$ only. So positional trader will buy around 1950$ again.
Range: 53286 -52000
Our Preference: Buy Gold 52100+ for target 52948 & 53286 with SL only below 51890 only
Alternative Scenario: Sell Gold 52948 for target 52200 with SL only above 53100+
52750 Sell SL 100 point
Range: 69188 - 6750
Our Preference: Buy Silver 67500+ for target 69100 with SL 67000
Alternative Scenario: Sell Silver 69188 with SL 69455+ for target 1200 point
As we mention in Silver, positional trader will remain in Buy only