Fed cut Interest by 0.50% - Daily Bullion Report for the Day of 19th Sept 2024

Yesterday,

Fed cut its interest Rate cut by 0.50% where Gold move high by 35$ & touch 2603.7$ in Oct Future after Fed Chair Powell speak move down till 2549$ & close @ 2568$.
Today Europe start opening @ 11.30 am move started upside in Gold till 3.30 pm.
As per its 1st scenario COMEX Gold Oct Future 2596$ around is selling with stop loss above 2604$+ for target 2550$ & 2520$
Any upside above 2604$+ will prefer Buy for target 2620$ & 2631$ will be touch
As per our analysis COMEX Gold should sell @ 2595 around with SL 2603$+ for target 2520$ & Hold their position till Next week
In Evening session gold may touch to 2565$ & tomorrow 2545$ but major falling will arrive next week only.
Rest of update will give on our Broadcast

Fundamentals for the Day

Gold

Range: 73770 - 72800

Our Preference: Gold sell near 73650 - 73750 with SL 73850 target 72800 & 72250

Alternative Scenario: Buy Above 73850+ target 74500 with SL 150 point

Silver

Range: 90600 - 87500

Silver we mention to sell @ 31.54$ yesterday while High made @ 31.58$ & touch downside 30.035$ & make reversal position & trading @ 31.20$ as of now.
Sell Silver @ 31.54$ again with stop loss of 31.80$ for target 30.10$
Buy only above 31.90$ + for target 32.54$ with SL of 31.65$.

Our Preference: Sell Silver @ 90600 - 2nd sell @ 90950 for target 87500 with SL 91150 + only if sustain

Alternative Scenario: Buy Silver only above 91350+ for target 94000 with SL 90800 below only

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