Posted by Tradelinecapital
Commentary:-Effect: In Short, as per above FOMC Meet & Fed chair Powell's effect on Bullion is like Gold & Silver remain upside so Buy on DIP is advisable as we stated earlier. But at the same time the market will remain choppy in GOLD.Comex Gold will remain in the range of 1760$ to 1820$ till 31st December 2021Positional Trader will remain on Buy Side only.Silver has maintained its last low 21.41$ & made a double bottom which was a previous low.Where positional Trader will maintain their Buy position only.Indian government is awaiting for Crypto Currency bill, they will try to regulate payment system of Crypto investment, If they pass the bill for regulation of crypto payments this will give indirect license to crypto investor & trader where all crypto investment goes out side India through Wazirx, Coin DCX or other Indian Crypto Exchanges which will cause negative Impact on USDINR, where Indian Rupees will try to touch 80 Rs in near term. This will cause positive on MCX Gold & SIlver. So even though international Bullion marker fall Indian market will remain upside only.Fundamentals for the day7.00 PM Philly Fed Index Unemployment Claims Building Permits & Housing Starts7.45 PM Industrial Production m/m8.15 PM Flash Manufacturing PMI Flash Service PMI9.00 PM Natural Gas StorageGoldRange: 48900 - 47900Gold takes a DIP till 1753$ post that recover till 1780$ & will move till 1811$ as it cross 1793.5$ Our preference: Sell Gold 48430+ for target 48178 & 48000 with SL only above 48570Alternative Scenario: Buy Gold 48600+ for target 48900 with SL of 150 pointAs per COMEX 1793.5$+ sustain will be Buy zone for Gold till 1811$.SilverRange: 60500 - 62150Our Preference: Buy Silver 61000+ for target 62000 with SL only below 60700
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