Bullion Report of 4th June 2020

Bullion Report of 4th June 2020

Latest Updates

China reduces paperwork for gold exporters

  • China supply the GOLD in international market by 20$ lower then spot price.
  • China’s central bank and customs authority said today they would simplify procedures for companies exporting gold
  • Due to this it has fall little more down on Tuesday in US session & on Wednesday US ADP Data arrive positive then expected which cause down again.
  • This has reduce the difference between Gold spot & Future – as well as this contract can move in discount just like the previous contact gone in discount compare to spot price.
Impact: Downside may continue in Gold

US bars passenger flights from China

  • The US is barring passenger flights from China from 16 June, in the latest sign of tensions between the two economic giants
  • The Department of Transportation said it is punishing Beijing for refusing to let US airlines resume flights to China as its pandemic subsides.
Impact: We believe this step is moving towards Word war – 3.
3rd November is a US Presidential Election date.
So on or before World war 3 will begun which includes all over the world most dangerous situation.
Technical view:

-In past also we clearly mention that Gold has Bottom out level is at 44750
-For positional purpose Gold will Buy with SL below 44500 & target towards 49000 & 55000 again.
-Any downside will begin only below 44500 for open sell or free fall not before that.
Range: 46810 – 45900
Our Preference: Sell Gold 46810 for target 46300 with SL 46950
Alternative Scenario: Buy Gold 45925+ for target 46400 with SL 45790
Jobbing Point :
45950 Buy for session
46510 Sell @ 1st stroke
46810 Last sell for the day
Range: 50000 – 47600
Our Preference: Sell @ 49390 for target 48400 with SL 49600
Alternative Scenario: Buy @ 47375 for target 48400 SL 46900 below

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