- Fed's Powell: There's a real risk that inflation may be more persistent
- THERE'S A REAL RISK THAT INFLATION MAY BE MORE PERSISTENT
- WE CAN'T ACT AS THOUGH IT'S A CERTAINTY ON INTEREST RATE RISES NEXT YEAR
- The economy does not lack stimulus, THE PROBLEM IS A SUPPLY SIDE PROBLEM ON LABOR AND THAT WILL TAKE TIME TO WORK ITSELF OUT
- Watching signs for hot wages in tight labor market, FOMC Rate Projections Do Not Reflect Future Policy
- If Economy Turns Out Not To Be As Strong, We Will Adapt Policy Accordingly - If Economy Were To Slow, Then That Would Slow Rate Increases
- Inflation will run above our 2% goal well into next year POWELL: TAPER TO END A FEW MONTHS EARLIER THAN PRIOR PLAN
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 2021
Positional 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 day
7.00 PM Philly Fed Index
Building Permits & Housing Starts
7.45 PM Industrial Production m/m
8.15 PM Flash Manufacturing PMI
Flash Service PMI
9.00 PM Natural Gas Storage
Range: 48900 - 47900
Gold 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 48570
Alternative Scenario: Buy Gold 48600+ for target 48900 with SL of 150 point
As per COMEX 1793.5$+ sustain will be Buy zone for Gold till 1811$.
Range: 60500 - 62150
Our Preference: Buy Silver 61000+ for target 62000 with SL only below 60700