Fundamentals For The Day
7.30 Factory Orders M/M
IBD/TIPP Economic Optimism
Open Interest of gold reduce by 2,000 lots & yesterday closing was 4,40,646 with volume 1,69,888.
This indicates Gold may remain downside on its position with a lower volume.
Trend: negative
Strategy: Sell on rise
Gold
Range: 59200 - 59700
Our Preference: Buy Gold 59200 SL 59090 target 59570
Alternative Scenario: Sell Gold 59740 target 59300 with SL 59880
Positional trader will apply sell position only in Gold near 59700 + for target 58750 with back up 60,000 only.
It seems the disparity between Gold & Silver will increase which means Silver more Downside while Gold will sustain on its upper level.
Silver
Range: 74000 - 75500
Our Preference: Buy Silver 74018+ target 74960 & 75500 with SL 73700
Alternative Scenario: Sell Silver @ 73900 as it cross 73700 & move upside again then only with SL 74250 for target 72500
Trading Zone
74960 Sell with SL 150 point