Fundamentals for the Day
It's CPI Week will be declare on Wednesday 11 Sept 2024 expected very positive based on that Fed will decide how much rate cut is required again on 18th Sept 2024.
7.30 pm Final Wholesale Inventories
- Gold has been completely range bound from 71000 to 72250 since last 3 weeks & waiting for Rate cut declare on 18th Sept.
- Its only waiting for its breakout on COMEX Gold 2470$ in Spot & 2480$ in Oct Future contract.
- As well as its the month of Expiry which we believe goes towards 68,000 around & sustain below will crash more downside only.
Gold
Range: 72250 - 70900
Our Preference: Sell Gold 71850 to 71930 for target 71000 with SL 72050
Alternative Scenario: Sell Gold 72250 for target 71000 with SL 72400+ only if sustain
Buy Side
Our Preference: Buy Gold 71000 target 71850 with SL 70850
Breakout Sell 70800 will open the gate of 68000
Trading Zone
71585 Sell @ 1st stroke with SL 100 point target 71150
Silver
- Last week Silver move as per our expectation from 85700 to 83500 where it made a low of 82320
Range: 82500 - 85500
Our Preference: Sell Silver 84750 for target 82750 with SL 85000
Alternative Scenario: Buy Silver 82500 with SL 82150 target 84500
Breakout Sell 82150 for target 80600