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Daily Bullion Report for the Day of 20th March 2024

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Fundamentals for the Day 


8.00 pm  Crude Oil Inventories
11.30 pm Federal Fund Rates
                FOMC Projections
                FOMC Statement
12.00 am FOMC Press Conference

Market Commentary

  • Gold is trading above its last time high of 2152$ in future from where it makes a support @ 2150$ around.
  • We expect Gold move till 2120$ & 2084$ on downside in future on Upside 2206$+ will make a new upside in Gold.
  • Now Our 1st sell in Gold @ 2176$ & 2189$ in Future Gold 
  • Downside Breakout @ 2145$ below will pick up the speed to downside
  • As per the Fed meeting Rate cut is not applicable today it will be un change which will make a little bit correction in Gold.
  • As per MCX Gold 66000 is a good sell with back up sell 66328 where 66500+ is a stop loss, Where any breakout above 66500+ will make only upside move till the time it will remain downside or may give a correction till 64250
  • Tonight we expect to carryforward a sell position for tomorrow because of today's event.
Gold 

Range: 66000  - 64250

Our Preference: Sell Gold 65768 target 65100 & 64820 with SL 65900

Alternative Scenario: Sell Gold 66030 with SL 66150 for target 65100 & 64820 with SL 66200

Positional Trader will sell Gold with back up 66328 & SL 66500

Silver 

Range: 76200 - 74000

Our Preference: Sell Silver 75800 with SL 76200 for target 74500 & 73500 

Alternative Scenario : Buy Breakout apply only above 76500+ for target 78000 with SL 300 point
 

   

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