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GOLD

Gold opened with an upward gap and remained in the positive terrain throughout the day. It rallied by more than 1 percent .and closed on a positive note around 54848 as BOJ surprised the street with monetary policy. JPY made a new weekly high against the dollar which supported bullion prices. Gold is sensitive to the dollar index and the latter has played a significant role this year in influencing Gold prices. Traders will be awaiting Consumer confidence, GDP, and Core PCE price index data this week which can influence Fed decisions regarding rate hikes. On the weekly chart, immediate resistance is seen around the 55000 level. Breakout above the mentioned level may push prices higher towards 55500/56000 level in coming few weeks

BUY GOLD AROUND 54500 SL BELOW 54400 TGT 54600/54700

SILVER

Silver opened with an upward gap and remained in positive terrain throughout the day. Silver closed at 69630 with a gain of 2135 points.The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias ahead. On hourly chart Silver is trading above 20 and 60 day EMA's indicating positive bias in the short term. Silver continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy

BUY SILVER AROUND 69000 SL BELOW 68600 TGT 69500/70000

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