Daily Bullion Report for the day of 28th Sept 2023

Fundamentals for the Day

6.00 pm US Final GDP q/q

Unemployment Claims

Final GDP Price Index q/q

6.30 pm FOMC Member Goolsbee Speaks

7.30 pm Pending Home Sales m/m

10.30 pm FOMC Member Cook Speaks

Gold Open Interest 4,31,939 with volume 2,62,376 in COMEX Future
It indicates Gold may remain Downside more
Gold has open the gate of 56893 as it has broke 58300 successfully.
If we are looking at COMEX Gold has open the gate of 1855$ as it has break 1900$ open & close successfully which indicates Gold still will be in selling zone only
As per the time basis Gold has still time for a sell or downside move till tomorrow evening.

Gold

Range: 56893 - 57800

Our Preference: Sell Gold 57750 target 57250 & 56893 with SL 57900

Alternative Scenario: Buy Gold 56893 target 57600 with SL 56750 below only if sustain

Trading Zone

57250 Buy for a momentum with SL 70 point

Silver

On the other hand Silver has been sustain or maintain its strength
Open Interest of Silver 1,27,071 with a Volume of 69,916
which indicates Silver will mot move much more downside & Positional trader accumulating a Silver in only in Buy Position
Because of this Gold silver ratio is also increasing.

Range: 70000 - 72500

Our Preference: Buy Silver 70100 target 71180 & 71900 with SL 69800

Alternative Scenario: Sell Silver 69700 below only for target 67700 with SL 350 point+ only if sustain

Pricing

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Bank: IDBI Name: Tradeline A/c: 0130102000030612 IFSC: IBKL0000130 Account type: Current