Week Major events:
Monday & Tuesday : Almost no major events
Effect: Market remain in rangebound
Wednesday: In late night FOMC Statement & Rate decision
Thursday: Advance GDP Q/Q expect negative for US Dollar
Effect: Both of them will pressure on Bullion a little
In short: This week Gold remain in a range of 48650 to 49700.
In case it break the range below 48650 will touch 48200 & 47551 in extension.
Gold pressure remain flat to downside only. COMEX Gold future price are in discount in compare to Spot Gold prices. Which Indicates Gold will remain downside to flat.
Range: 48650 – 49650
Our Preference: Buy Gold 48700+ for target 49151 with SL only below 48536
Alternative Scenario: Sell Gold only below 48526 with SL of 100 point for target 48210 & below 48150 more pressure will moving forward for 47551.
Momentum Call: 49150 Sell with SL 100 point for target 250 point
Range: 67650 – 63850
Our Preference: Sell Silver 67650 with SL 67999 for target 66100
Alternative Scenario: Buy 63800+ for target 65250 with SL only below 63200
Momentum Call: Buy Silver 65985 for target 65800 with SL of 250 point