Fundamentals for the Day
6.00 pm Canadian CPI Day
Market Commentary
It’s Fed Fund Rate week & FOMC Statement On Wednesday Night @ 11.30 pm
Fed members expectation increase interest rate by 0.25% from 3.75% to 4% – which is positive for Dollar and negative for Gold – Silver & Equity market -based on that the DIP of Bullion can come any time 24 hours before to next 24 hours after announcement. which means we are pausing for a fresh buy holding position till the time – and wait & touch 4170$ in Gold then upside again start.
As soon as Gold cross 4280$ below and sustain will try to touch 4170$ near by which is strong Buy session and will turn upside again.
XAUUSD – Gold
Range: 4170$ – 4401$
Our Preference: Buy Gold @ 4290$ SL 4280$ below only if sustain for target 4357$ & 4400$
Alternative Scenario: Sell Gold below 4280$ when sustain for 15 minutes target 4215$ & 4168$ with SL 4200$+ only if sustain
Because of Wednesday Fed meeting – Gold may try to touch 4168$ or will remain downside in this scenario – positional trader will wait for 4170$ Buy position or till Fed meeting night event – then go for Buy so any dip will Buy position only for us
Trading Zone
4350$ sell @ 1st stroke with SL 10$ only
XAGUSD – Silver
Range: 63$ – 65.60$
Our Preference: Buy Silver @ 63$ for target 65$ with SL 62.40$
Alternative Scenario: Sell Silver @ 62.20$ below for target 60$ with SL 62.80$+ only if sustain
Positional Silver target for 74.80$ is remain intact as it is – the only set back is of Wed night FED Announcement Rate Hike which may take a DIP of 60$ around then again go for target 74.80$ in Silver. But again this is conditional – If we get a price of 60$ then Buy otherwise we ill buy on Wednesday Night near by price for a Holding Position only.
