Market Commentary:
- Gold made Low of 58930 @ 6.15 pm then make a high @ 11.25 pm in closing with zigzag movement.
- As we mention earlier also Above 58750+ Gold will touch 60,069 around.
- There is an Expiry in Gold which will take its move upside right now.
- Gold will cross 2014.90$ of current contract high in expiry days but may not cross its life time high, Which means it will touch around 2050$ a new level may create around.
- This means MCX Gold will make its new life time High but we need to verify the USD INR at the same time to be more accurate at the same point in time
- But its more safer to go with Buy position even though its near life time high in MCX.
For Today Gold base buy 59100 with back up for target 58857.
Broad range of Good support @ 58750 only which will continue till the time it does not goes below successfully.
Fundamentals for the Day
6.00 PM Durable & Core Durable Goods Order M/M
7.15 PM Flash Manufacturing PMI
Flash Service PMI
ECB Interest rate hike Gold move up
Fed Interest rate hike Gold move up
GBP Interest rate hike Gold move up
Gold move upside only as their interest rate gets hike in past days scenario.
Gold
Range: 60,069 - 59,050
Our Preference: Buy Gold 59250+ for target 59850 with SL 59050 below only if sustain
Alternative Scenario: Sell Gold 60,069 with SL 60250 for target 59560
Strong Resistance maintain @ 59857 for 1st stroke Trade only for the Session
Sell @ 59857 SL 59957 target 59550
Silver
Range: 69500 - 71150
Our Preference: Buy Silver 69500 for target 71000 with SL 69100
Alternative Scenario: Sell Silver 71050 with SL 71500 target 70150.