Daily Bullion Report for the Day of 28th Feb 2024

Fundamentals for the Day

7.00 pm Prelim GDP q/q

Goods Trade Balance

9.00 pm Crude Oil Inventories

10.30 pm FOMC member Bostic Speaks

11.15 pm FOMC Member William Speaks

Gold open Interest is little high on other side Silver Open Interest is decreasing which cause Silver make a new lows & Gold remain stagnant or remain on Higher side.
If we look @ COMEX Gold future made a high of 2049.1 yesterday, which is a good resistance for immediate target of 2012$ again on holding basis any risk apply only above 2065$+ only if sustain.

Gold

Range: 61700 - 62300

Our Preference: Sell Gold 62268 target 61900 & 61750 with SL 62400+

Alternative Scenario: Buy Gold 61730 target 62000 with SL 61650

Positional Seller will continue sell side position only for a holding target 60558.

Silver

Range: 69500 - 67572

Our Preference: Sell Silver 69300 for target 68438 & 67600 with SL 69800+

Positional Silver has open the gate of 65840 as it sustain & close + open for 3 days below 69300

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