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Daily Bullion Report for the Day of 21st Feb 2024

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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 

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