Fundamentals for the Day
6.30 pm FOMC Member Bostic Speaks
11.30 pm FOMC Member Bowman Speaks
12.30 am FOMC Meeting Minutes
- Dollar Index is trading @ 104$ which indicates Gold upper side move is not as strong as it should be at any given point in time Gold will move below towards 1987$ again.
- New volume of Bullion is awaiting only for Today's FOMC Meeting Minutes commentary - which will take a Bullion one side clear view of Fed rate cut will happen in March or in June.
- We expect Gold should sell near 62250 as given yesterday & hold for the target of 61100 on downside as a 1st target.
Gold
Range: 62300 - 61500
Our Preference : Sell Gold 62250 target 61725 & 61500 with SL 62400 (One can CF this position with mention SL)
Alternative Scenario: Buy Gold 61723 with SL 61600 target 61980 ( Day trade only)
Trading Zone
61936 Buy for momentum SL 60 point
62500+ Breakout Buy
Silver
Range: 71600 - 69500
There is a huge disparity on continuous basis in GOLD Vs Silver.
Silver is trading in a very tight range - we expect only sell on rise strategy in Silver.
Our Preference: Sell Silver 71550 SL 71750 target 70550 & 70150