Yesterday In the Gold sell has been sell in paper market by Hedge Fund specially. Who do not have a physical material, in a normal case paper market has a 10 time stock in compare to actual delivery. Which more heavy selling in terms of cover their short sell which cause by downside in Gold. Silver has not move downside with Gold cuz it was paper sell in Gold only otherwise both of them should move simultaneously if any US political or global news is there.
Fundametal of the day
7.00 PM US Average Hourly earnings
Non farm employment change : game changer data
COMEX Range: 1787 – 1831
MCX Range : 46720 – 48170
Our Preference : Buy Gold 46720 equal to 1787$ with risk of 1779$ for target 47551 & 48100 with SL only below 46520.
As MCX has reduction of import duty cut by 5% which has change high disparity between MCX & COMEX. Which cause to change all the levels in MCX .
COMEX Range: 26.10 – 27.55
MCX Range: 66666 – 69235
Our Preference: Buy Silver 66666 26.10$ for target 27.55$ in mcx 68180 & 69235 with SL 66100 (This call has activate yesterday as per last report we just update it)
Any downside will only for sell below 65800 for target 63805.