Cryptocurrency Prices by Coinlib

Daily Bullion Report for the Day of 6th June 2024

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Fundamentals for the Day 


5.00 pm Challenger Jobs Cuts y/y
6.00 pm Unemployment Claims
               Revised Non farm Productivity m/m
               Revised Unit Labor Cost q/q
               Trade Balance
6.15 pm ECB Press Conference 
8.00 pm Natural Gas Storage 

Latest Updates
  • Putin warns that Russia could provide long - range weapons to other to strike western targets
  • Bank of Canada has reduce interest rate by 0.25 BPS yesterday evening 
  • Based on the same Federal of US may also reduces interest rate expectation has increase which turns out Gold & Silver move upside
  • US ADP Non farm data also negative for US Dollar which turns out positive for Bullion based on above this 2 news Gold has increase by 1000 point nearly from yesterday evening till today morning. 

  • GOLD has made a High of 74442 from where Low has made 71601 where 50% average price @  73186 
  • COMEX Spot Gold also trading near its 50% average price of High 2449$ Low 2314 which is @ 2382$ where High made today 2374.8$ Which means its a good resistance level with a selling opportunity.

Gold 

Range: 73186 - 72250

We prefer all bounce which are just based on assumptions of interest rate are only for selling opportunity.
which means Gold is trading on a selling zone again

Our Preference: Sell Gold 73186 for target 72300 with SL 73400+ only if sustain

Alternative Scenario: Buy Gold 72200 with SL 72050 for target 72800

Breakout Buy 73450+ only apply buy with SL 100 point

Silver 

Range: 92968 - 90200

Our Preference: Sell Silver @ 91950 with SL 92250+ for target 90250

Alternative Scenario: Sell Silver 92698 for target 90250 with SL 93000+
  

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