Bullion Report 5 May 2021

Bullion Report 5 May 2021

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  • Yesterday 8.30 PM Breaking News

Yellen: Rates may have to rise to stop economy overheating

Uncollected taxes amount to $7 trillion over a decade – Reallocation may result in some small increases in interest rates

Effect: If Interest rates increase Dollar gain strength vs all currencies & Bullion – So gold silver move down, as a momentum effect

Real Picture: Yellen has put just a thought of his own to increase interest rate not in a reality, o Gold will come back to upside again till 1795$ & Silver @ 26.99$ which was trading @ 8.30 PM

We suggest to stay in Buy position only on mention points.

Fundamental of the day

5.45 pm  US ADP-Non Farm employment Change

7.00 PM FOMC Member Evan speaks

7.15 PM Final service PMI

7.30 PM ISM service PMI

Gold is just a trading in the same range as pre decided in our early report 1762$ to 1800$
MCX 46650 to 47450

Gold

Range: 46450 – 47450

Our Preference: Buy Gold 46450+ with back up buy 46290+ for target 47250 & 47450 with SL only below 46150 only IF sustain

Alternative Scenario: Sell Gold 47450 with SL only above 47600 for target 46956 & 46650

Technical Point: High 48429 – Low 44108, where 50% price is 46269 which is a very strong Buy or back up buy.

Silver

Range: 69000 – 71200

Our Preference: Buy Silver 69070+ for target 70500 with SL only below 68700

Alternative Scenario: Sell below 68500 for target 67500 with SL of 500 point

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