FED Rate Cut announcement - Bullion Report for the Day of 18th Sept 2024

6.00 pm Building Permits

              Housing Starts

8.00 pm Crude Oil Inventories

11.30 pm Federal Fund Rate 

                FOMC Economic Projections

                FOMC Statement

yesterday, Gold made a low of 72938 where we mention buy @ 72965 for target 73500

Today Fed will declare its interest rate cut + its future projection & most important its commentary. Effect of this news will arrive tomorrow only because when it declare MCX Close @ 11.30 pm so Only COMEX Trader can make position tonight & take a benefit of the same MCX Trader have to wait for tomorrow.

If you have a space of COMEX account or not you may open it today & take a benefit of the same TRADE IN COMEX 

Fed will cut its interest rate by 0.25% as per the expectation. If rate cut by 0.25% this will make a downside by 150$ in COMEX gold. In 2nd Scenario: If rate cut by 0.50% Gold will down by 100$.

From 18th Oct tonight till 28th Sept 2024 as per historical scenario Gold will remain downside. 2nd Gold has due its correction so we believe on Positional basis Gold remain sell side with mention stop loss or levels only.

Range: 73750 - 72120

Our Preference: Sell Gold 73750 SL 73900 TARGET 72150 with overnight sell position only 

Alternative Scenario: Sell Gold below 72800 breakout sell target 72150 with SL 200 point 

72950 Buy with SL 72800 target 450 point 

Range : 90590 - 82380 

Our Preference: Sell Silver @ 90590 target 85380 & 82500 with SL 91100+ only if sustain ( Weekly position only)

Alternative Scenario: Buy Silver 87500 with SL 87150 below for target 88900 (Only Intraday)