Daily Bullion Report of the Day 17th Jan 2023

Fundamentals for the Day

7.00 US Empire state Manufacturing Index

Canada CPI M/M, Trimmed & Median CPI Y/Y

Commentary

Monday was US Holiday, which cause almost very low volume in Gold.
MCX Gold make its Life time High thanks only to USDINR, While COMEX Gold is still 150$ down from its life time high which is 2078.8$. As USDINR was trading @ 74 Rs around when it touch 2078$ while today its 8 Rs plus its 82 Rs now.
As per COMEX there is a Big resistance @ 1940$ which arrive from 2078.8$ High & Low 1618.30$ Range
It made a high of 1931.80$. Yesterday MCX made a high of 56562 = 1931.8$ So now there is a very low space as per COMEX Gold to move upside in MCX also.
For Today 1921.8$ is a very good sell point. On down side Gold will try to touch 1880$ this week.
As there is a contract expiry has begun in this month. Where in COMEX OLD contracts position has been CF by positional trader in New contract now.
We expect to sell Gold 56550 with yesterday's high wid back up sell 56660 for target 56075

Gold

Range: 56600 - 55800

Our Preference: Sell Gold 56500 with back up sell 56600 target 56075 below 56040 target extended by 55800 with SL 56700+

Alternative Scenario: Buy above 56701+ for target 57050 with SL 150 point

Silver

Range: 70130 - 68200

Our Preference: Sell Silver 69900 with back up sell 70150 for target 68500 with SL 70500+

Alternative Scenario: Buy Silver 68100 with back up buy 67700 SL 67500 for target 69900

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