Daily Bullion Report for the Day of 6th Aug 2024

Fundamentals for the Day

No major fundamentals for the Day

After the Japan has increase its 0.25% interest rate Japan index has minus by 13%+ on Monday most of the Index in all over the world move downside like a Black Monday. More volatility we are expecting in the market in coming days.
We strictly recommend only Sell side position on Holding basis no Buy position should be carry on.

Gold

Range: 69780 - 68500

Our Preference: Sell Gold 69700 target 68900 & 68252 with SL 69900+ only if sustain

Alternative Scenario: Buy Gold 68300+ for target 69200 with SL 68100 below only if sustain

As we mention earlier sell from 70700 to 70900 target 68000 nd now the range is still going to apply.

Silver

Range: 80700 - 76400

Our Preference: Sell Silver @ 80000 with back up sell 80650 for target 78250 & 76400 with SL 80900+ only if sustain

Alternative Scenario: Buy Silver 76000 for target 78500 with SL 75500 below only if sustain

Upside again sell @ 81350 with SL 81750 target 76400
As we mention in our earlier report Silver move back from 84500 towards target 76400 is on its way or near by its target

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