BULLION REPORT 28 MAY 2020

BULLION REPORT 28 MAY 2020

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Gold
Range: 45750 – 47318
Fundamentals For the day
6.00 PM US Prelim GDP Q/Q
                   Core durable Goods m/m
                   Unemployment Claims
7.30 PM       Pending Home sales
Our Preference: Sell @ 46877 for target 46350 with SL 47050
Alternative Scenario: Buy @ 45750+ target 46550 SL 45520
 
Jobbing Point
 
 
45750 Last buy for the day
46013 Buy for momentum
Buy above 46637 for target 46850
46877 Sell for the day

47318 Last sell for the day

Difference between SPOT & FUTURE comex has decrease as we said yesterday 27th was the last day for future contract which micro the difference.
 
Technical View:
As yesterday could not cross 45719
Low 44750 – High  47980 where 70% Technical correction arrive at 45719.
Its most important support. Now 48 hours (2 Days) left for expiry. So it indicate now Gold will not cross 45719 & it can touch till 47318 on upside.
We prefer to Go with Buy in August Gold contract @ 45750+ for new upside target.
Silver
 
Range: 49500- 47000
 
Momentum Call: Sell @ 48736 for target 48100 with SL 48900
Our Preference: Sell Silver 49500 for target 48000 with SL 49800
 
Alternative Scenario: Buy above 49800+ for target 51500 with SL 49400

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