DAILY BULLION REPORT 12TH APR 2021

DAILY BULLION REPORT 12TH APR 2021

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Today Events:
FOMC Member Rosengren Speacks  10:30 PM
Federal Budget Balance                         11:30 PM

Fundamental:

US Inflation is @ 1.7% at the end of Feb 2021.
Fed will continue to print Money & spoored by injection of Package in economy (in terms of sell a Bond or any other way)till the time American people do not get their routine lives back.
Fed will not increase current interest rate from 0% to upside for this year.
By the time inflation touch or cross 2% then very hard condition will repeat same as 1970 economy which will impact on Bullion a very heavy upside move will start all of a sudden.

Gold is just taking a time to move upside as per current fundamental situation.
As India banned some injection as well have own COVID cases are highly increasing this impacts badly on Exports also + Imported product on domestic demand this will cause to remain USDINR more weaker with price will sustain on upside till 75.60 Rs. And this will support MCX Gold price to sustain remain upside

Gold 
Range: 46900 – 45500
Our Preference: Sell Gold 46700 Back up sell 46900 SL 47000+ target 46100
Silver 
Range: 68000 – 65000
Our Preference: Sell Silver 68000 target 66300 SL 68500
Alternative Scenario: Buy Silver 66100 for target 66990 SL 65700

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