Fundamentals for the Day
7.00 pm Core Retail Sales & Retail m/m
Unemployment Claims
Philly Fed Manufacturing Index
Import Price m/m
9.00 pm Natural Gas Storage
9.30 pm FOMC Member William Speaks
Yesterday,
US CPI Data has been declared which has been increase from 2.7% to 2.9% y/y while monthly increase from 0.3% to 0.4% which is negative for US Dollar & positive for Bullion. Based on that Bullion has sudden move of upside @ the time of 7 pm.
Donald Trump will be official President start on 20th January 2025, where he will announce some major decision which will be quiet negative for Bullion as of now. The impact will be one sided from 21st Jan to 28 Jan with heavy volume on both side.
- As per COMEX Gold has a resistance @ 2621$ with risk apply only above 2727$+ only
- There is a 2 major resistance near by it 2705$
- Open Interest of Gold has been increase which is upside for a Gold
Gold
Range: 79450 - 78400
Session Call: Buy Gold 78800 target 79100 with SL 78700
Our Preference: Sell Gold 2705$ spot Gold = MCX 79100 for target 78450 with SL 79300
Alternative Scenario: Sell Gold 2721$ = MCX around 79700 with target 78500 with SL 79900+ only if sustain above
Silver
Range: 94500 - 92000
Our Preference: Sell Silver 94400 target 92000 with SL 94850+ if sustain