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Gold

Gold prices remain muted in the last trading session as investors are awaiting the Fed chairman's speech this week. However, prices are headed for their best monthly gains of more than 4 percent in the last 7 months as Fed signals a dovish rate hike outlook in the coming months. Fed chairman Powell is expected to throw some light on the US economy and monetary policy. Traders and Investors are also awaiting US payroll data later this week. Recent tech layoffs in the USA and other parts of the world impacted Consumer confidence no in the USA which dropped to a fourmonth low. The current economic scenario and geopolitical tension may support Bullion prices. On the technical front, 52500 is a good support zone for prices. We expect prices to trade in a range between 52500 and 53200 levels this week.

SELL GOLD AROUND 53200 SL ABOVE 53350 TGT 53000/52800

Silver

Silver opened with an upward gap and remained lackluster within narrow trading range throughout the day. Silver closed at 62854 with a gain of 514 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. Strong support zone in Silver is seen around 62400 level. Traders can buy Silver around the mentioned level for the target of 62800 on intraday basis.

BUY SILVER AROUND 62400 SL BELOW 62000 TGT 62800/63200

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