BULLION REPORT 7 JULY 2020

BULLION REPORT 7 JULY 2020

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GOLD

Range: 48512-47800

Our Preference: Buy Gold 47912+ with back up buy 47700 for target 48200 & 48500 with SL 47499

Alternative Scenario: Sell Gold 48288  for target 48100 with SL 48380

Commentary

Yesterday USDINR play a big role in Gold downside movement. It move .90 Rs which is nearly 450 point has been drag down on Gold due to currency. 

COMEX Gold Future has made a low  of 1766.5 $where  we mention  to be on Buy 1767 $ which moves from the same  price and touch 1790$.

Yesterday NFP  change  arrive actual 4800 k v/s 3000 k expected…even though Gold could not drop  more than 15$ which  is a usual movement in US market .While as per the Non Farm effective data Gold should turn around to 50$. Which indicate Gold will remain flat to positive only.Flat means  – sideways from 1790$ to 1800$ and downside 1767$. AS we mention earlier also any downside move only arrive if GOLD cross 1762$ Future- which it can not do it. Upper side from 1767$ to 1845$ gap is on …. so positional trader yes can still be on Buy side only with COMEX match with MCX

USDINR is on a crucial point. 74.38 is very important level. The day when it cross with 2 consecutive close it will touch 72.80 which will drag down Gold more downside. 1 Rs USDINR MOVE = 500 Rs MCX Gold move.
So stay alert with COMEX & USDINR move also not only with MCX move.
US Holiday today so volume is low expect in late evening – excluding any Big news.
Silver
Range:48019-49500
Our Preference: Buy Silver 48351  for target 49450  with SL 47900
.
Momentum Call: Sell Silver 49451 for target 49000 with SL 49590
At the end of the day Silver Gold we prefer to go with Buy only.

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