Fundamentals for the Day
5.45 pm ADP Non Farm Employment Change
7.15 pm BOC Statement – Overnight Rate
7.30 pm Factory Orders m/m
8.00 pm Crude Oil Inventories
Latest Updates,
Iran’s Revolutionary Guards say they carried out attacks against U.S. assets in Kuwait, Bahrain, Jordan and Iraq’s Erbil
US has heavily attack on Hormuz near by areas – and IRAN retaliate towards US Base
After March to Aug – one thing is clear that Iran i not going to back down in this war and US will not stop neithr reaching any agreement because of it’s own status in the world wide position which indicates US-IRAN war is going continue for next couple of months which creates tension worldwide and this will impact with high volume specifically on GOLD not Silver. Silver will drag along with Gold but not as faster in compare to it.
RBNZ – Has increase it’s Bank rate from 2.5% to 2.75% –
Effect: Money pulling into Banks Out from Commodities & Equity (This indicates slowly other countries banks are also or may do the same if inflation moves in control then only)
Now This downside move in Gold started on 28th Aug will continue till 3rd Sept as per it’s historical pattern. Which answer one more things – that many of Positional Trader has stuck in Buy position can Hold their Buying position as of now – in Gold/Silver, As from 3rd Sept to 11th Sept Gold will try to stabilize or up move again in this pattern. Based on this next move can come from 149600 to 147000 downside to 157000
Gold
Range: 152000 – 147000
Our Preference: Buy Gold @ 149710 for target 151500 with SL 149100
Alternative Scenario: Buy Gold @ 147200 for target 152000 with SL 146500
Trading Zone
151900 Sell for session SL 152340 target 150500
152600 Breakout Buy target 154500 SL max 600 Point
Positional Trader can wait their Buy position target can add their position tomorrow on Thursday – as Gold has last point of this downside move is 147000 – So if you Buy here at any given point can have a back up till tomorrow Hold position till 11th Sept to receive your target.
Silver
Range: 229555 – 242000
Our Preference: Buy Silver @ 229555+ target 237000 & 242000 with SL 228000 below only if sustain
Trading Zone
236900 Sell for session with SL 238000 target 233000
