No major fundamentals for the Day
Market Commentary
- Dollar Index is getting weaker which is trading @ 101$ around which is positive for Gold
- Open Interest has been increase by 12,000 since last 7 days which is a positive for Gold
- COMEX Gold future has cross & sustain 2070$ + which will try to touch 2102.70$ is a positive breakout
- MCX Gold has cross 63144 & open above the same which is quiet positive sign for Gold
- USDINR is trading @ 83.30 Rs but it should get stronger but it trade on the opposite side of its direction because of Forex Reserve
- Based on this we prefer to remain on Buy side or to have a Fresh buy above 63150 for target 63850 around
Gold
Range: 63100 - 63900
Our Preference: Buy Gold 63150 for target 63850 with SL 62900
Alternative Scenario: Sell Gold 63900 with SL 64100 for target 63350
Trading Zone
63603 Sell for the momentum with SL 80 POINT
Silver
Range: 76374 - 74800
Our Preference: Sell Silver 76300 for target 75000 with SL 76600
Alternative Scenario: Buy Silver 74800 target 75600 with SL 74500
Downside Silver Silver again take a support @ 73800 for the Buy position