Fed Declare unchanged the interest rate in yesterday FOMC meetings.
- They will continue their Bond Buying, inflation may touch 2.15% in coming time as per economic outlook.
- $1.98T stimulus package is still due to execute by President New Biden.
- All of the above will may keep a pressure on Gold at least for 2 more week.
- Positional Trader should take a Buy call with back up of 47551 or 1780$ for the holding position . Rest should go with the flow( Position in new contract only after the confirmation)
Fundamentals of the day
7.00 PM Advanced GDP Q/Q expected very negative for Dollar & Positive for Bullion
8.30 PM New home sales
Gold (New Contract – 5th April)
Range: 48650 – 49350
Our Preference: Buy Gold 48750 add on 48600 with SL only below 48500 for target 49150
Alternative Scenario: Sell Gold only below 48500 for target 48200 with SL of 120 point
Current Contract of Gold will expire on 29th Jan 2021
Our Preference: Buy Silver 64702 for target 66300 with SL 64300
Alternative Scenario: Sell Silver 67500 with SL 67900 for target 65600