Fundamentals for the Day
8.15 pm Final Manufacturing PMI
8.30 pm ISM Manufacturing PMI & Prices
Construction Spending m/m
11.00 am FOMC Member Bostic Speaks
Commentary
- Trump announce Tariff on CANADA - MEXICO & CHINA apply from Tuesday night
- Trump says He will definitely place new Tariff on the way , reiterating complaint about the US trade deficit with the bloc
- EU warns US it will retaliate if Trump impose Tariff on Goods
- Same as warn by CANADA & Mexico to retaliate Tariff.
- Now things are getting heated up over here on Tariff.
- If Tariff levy the same as of now Inflation will be out of control & moving upward
- Investor are looking to safe heaven for their money which makes DOLLAR much more stronger as a 1st choice of an investment which makes a rest of the currency weaker.
- As per that Indian Rupees get more weaker & will touch near by 90 Rs This will make Indian Gold price more costlier near by 1500+ in coming time.
- The same way as a safe heaven GOLD is a 2nd choice as a safe heaven investment
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Long Range MCX : 79500- 86000
Gold
Day Range: 82053 - 83355
Our Preference: Buy Gold 82053 target 83300 with SL 81800 below only if sustain
Alternative Scenario: Sell Gold 83300 for target 82666 & 82388 with SL 83500+ only if sustain
Trading Zone
- Breakout Buy 83500+ then Buy @ 83310 for target 84832 with the SL of 150 point
- Breakout Sell 81800 target 81267 with SL 200 point
- As per COMEX Gold as it cross 2817$ in spot will try to chase 2866$ as his next target till the time will remain elevated.
Silver
Range: 92700 - 95991
Our Preference: Buy Silver 93264 with back up buy @ 92700 for target 95991 with SL 92500 only
Alternative Scenario: Sell Silver @ 95990 with SL 96500 target 94125