Daily COMEX Bullion Report of 24th Jan 2023

Range: 1948$ - 1915$

Our Preference: Sell Gold 1940$ with back up sell 1948$ for target 1920$ with SL 1951$+

Alternative Scenario: Buy Gold 1915$+ for target 1940$ with SL 1908$ only

COMEX Gold future has an expiry on 27th Jan 2023 only 3 days left.

Now those who bought Gold they have take either Delivery of Gold, Cut the position or Next contract future CF their position.

Now if we see the Open interest which is increasing on day to day basis & arrive @ 503000 as of now. This indicates Gold is making a space to move upside above 1950$ is 2009$ as of its next Buy target only if sustain.

But in the mean time Fed is gonna announce its Interest rate on 1st Feb 2023 ( Date can be change @ the last movement)

This hike can be differ from 0.25% to 0.50% =, we believe they should increase by 0.50% to have a sustainable impact. IN this case If Gold is unable to cross 1951$ till the time of Fed announcement which is next week in that case it may touch 1850$ which means 100$ down.

2. In an alternative Scenario If Gold cross before that time line 1951$ + then it will move up 2000$ before Fed meeting & will move done again from 2009$

Yesterday Silver move down from 24.29$ to 22.84$  & move back upside 23.85$ around, As on or near by 22.50$ is a strong Buy point in Silver which did not activate & turn back upside from its before its particular Buy point

Our preference:Sell Silver 24.15$ STOP LOSS above 24.40$ with target 23.15$  & 22.80$

Alternative Scenario: Buy Silver 22.85$ with back up Buy 22.50$ for target 24$ only with risk apply only below 22.35$

Control your quantity as per your Capital only for a safe trading

Silver has not trading yet one sided on any side, so its better keep booking profit from all parameters while we get our target rather than holding our position

As of now 22.50$ is an Ideal buy position in Silver with COMEX Future prospective.