Daily Bullion Report for the day of 20th Sept 2023

Fundamentals for the Day

11.30 PM Federal Fund Rates

FOMC Economic Projections

FOMC Statements

Market Commentary:

Federal Fund will not increase interest rate as per expectation, which may decline in Gold price from 1962$
Above 1970$ will touch 1982$ & will move back downside again till 1942$ as per the expectation.
Which shows we can take a sell around 59450 in closing of MCX today with risk apply only above 59800 for target 58350 again on positional basis

Gold

Range: 59050 - 59468

Our Preference: Buy Gold 59140 target 59000 with SL 59000 below only if sustain

Alternative Scenario: Sell Gold 59460 with back up sell 59650 for target 58600 with SL 59700+ only if sustain

As per comex gold 1962$ - 1967$

Silver

Range: 72200 - 73650

Our Preference:Sell Silver 73650 target 72250 with SL 73950+ only if sustain

Alternative Scenario:Buy Silver 72250 target 73120 with SL 71900

Trading Zone

73120 SL 150 point for jobbing purpose

Pricing

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Bank: IDBI Name: Tradeline A/c: 0130102000030612 IFSC: IBKL0000130 Account type: Current