Daily Bullion Report for the Day of 10th Nov 2023

Posted by Tradelinecapital
10 Nov 2023 09:16:51 AM

Fundamentals for the Day

6.00 pm FOMC Member Logan Speaks

8.30 pm Prelim UoM Consumer Sentiment - Expected Negative or Gold

Prelim UoM Inflation Expectation

Yesterday,

Fed Powell Speech

A greater share of progress on inflation ahead may have to come from tight monetary policy, not just supply-side improvement
The bigger mistake remains not getting rates high enough
The fed-funds rate is around 5.3% and if expected one-year ahead inflation is around 3%, that implies a real rate above 2%
"well above" mainstream estimates of the neutral rate, and policy is "probably significantly restrictive"
A greater share of progress on inflation ahead may have to come from tight monetary policy, not just supply-side improvement
IMPACT:

It seems Hawkish for the Interest rate which cause downside in US indicies ( NQ, S& P500)
This would be Negative For Bullion As well

Yesterday,

Gold made a low of 59760 by successfully downside opening below 59900 but failed to give a close below the same.

As US Traders were awaiting for a Fed Powell speech & only US Traders made a Buy in Gold in time 6.30 pm to 9.30 pm 1949$ to 1970$.

Gold

Range: 60300 - 59735

Our Preference: Sell Gold 60300 for target 59800 with SL 60401+ if sustain

Alternative Scenario: Buy Gold 59735 target 60150 with SL 59600

Breakout Buy 60401+ for target 60650 with risk of 120 point

Trading Zone

60055 Buy @ 1st stroke for target 120 point

59937 Buy @ 1st stroke for target 120 point

Maintain SL of 70 point

Yesterday,

Silver is still unable to breach its temporary support of 70,150 as well as psychological price of 70,000 & making a jumping pattern as usual from 22.40$ to 23.06$ which is again a 50% of High 23.75$ & post low 22.37$.

Silver

Range: 71784 -69632

Our Preference: Sell Silver 71874 for target 70250 & 69632 with SL 72100

Alternative Scenario: Sell Silver 72584 for target 70150 & 69632 with SL 72800

Trading Zone

70640 Buy @ 1st stroke SL 150 point

Pricing

Daily Bullion Report

Quarterly 25000/-
Half Yearly 44000/-
Yearly 81000/-

Weekly Bullion Report

Quarterly 51000/-
Half Yearly 81000/-
Yearly 150000/-

Daily Forex Report

Quarterly 251$
Half Yearly 444$
Yearly 851$

Weekly Forex Report

Quarterly 300$
Half Yearly 551$
Yearly 1001$

Daily Crude Report

Quarterly 200$
Half Yearly 333$
Yearly 600$

Weekly Crude Report

Quarterly 251$
Half Yearly 444$
Yearly 851$

Weekly Crypto Report

Quarterly 200$
Half Yearly 333$
Yearly 600$

Daily Bullion Report for the Day of 10th Nov 2023

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