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+