Daily Bullion Report Update of 9th Nov 2023

Fundamentals Events for the Day

07.00 pm Unemployment Claims

11.31 pm 30-Y Bond Auction

Yesterday,

Fed Powell Speech : They have to be flexible for any decision
Fed Harker Said : Rates Should Stay High As Inflation Fight Goes On; favours Steady Rate Stance, Doesn't See Near-Term Rate Cuts
Israel - Hamas war impact goes slow down as no other country are participating in this war because of which war impact on gold goes side way.
On 7th Oct 2023 War begun till the time Gold made a low of 1823.5$ on 6th Oct 2023, but as war news arrive gold jump to 2019.7$ based on this.
Before 7th Oct Gold was moving downside & we have had a talk of move below 1800$.
Now if we get back to the normal scenario - Inflation remains still on high, US has pause on hike of interest rate but not stop, interest rate hike may delay & apply by January 2024 because of Inflation.
No major fundamentals shows upside in Gold as of now

1 War impact goes off

2. Interest rate hike probability still continue

3.Inflation goes again little high

4. only one thing for upside is Bond Yield is negative which is positive for Gold

5.Trend of Gold is negative

Impact:

Gold shows downside towards 1922$ based on this & extended target 1882$ in Future
In MCX Gold has cross 60,000 point successfully & open the gate of 58980 & below that survival 57957
Positional client will remain on sell side only for this basic target of 58980

Gold

Range: 60350 - 58980

Session Sell: Sell Gold 60100 for target 59735 with SL 70 point

Our Preference: Sell Gold 60150 with back up sell 60300 target 59480 & 59000 SL 60350+ (Holding)

Alternative Scenario: Buy Gold 59480 SL 100 point with target 300 point

Silver

Range: 71000 - 68000

Our Preference: Sell Silver 70850 with back up sell 71180 target 69600 & below 69200 target extended till 68040 with SL 71500+.

Positional seller continue their sell position for target 68000 add sell on any jump near 71250 around with risk apply only above 71700+

Trading Zone

69632 Buy with SL 200 point for target 71150

70730 Sell @ 1st stroke

69200 Breakout Sell

Maintain SL of 150 point for jobbing purpose

Pricing