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
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