BUY GOLD APR @ 160500 SL 159000 TGT 162500-163500. MCX - Kedia Advisory
Gold
BUY GOLD APR @ 160500 SL 159000 TGT 162500-163500. MCX
Observations
Gold trading range for the day is 155390-167760.
Gold prices dropped as the dollar hovered close to a more than five-week high.
However, concerns about a broader regional conflict in the Middle East limited the upside.
Further, reduced bets for aggressive easing by the Federal Reserve (Fed) further undermines the USD.
BofA sees pathway for gold to hit $6,000/oz over next 12 months
Silver
BUY SILVER MAY @ 262000 SL 258000 TGT 266000-268000. MCX
Observations
Silver trading range for the day is 253535-273845.
Silver dropped as a firmer dollar and higher Treasury yields offset demand for traditional safe-haven assets.
The greenback strengthened as investors sought the reserve currency amid surging energy prices tied to the Middle East conflict.
Expectations for the next Fed rate cut have been deferred to September from earlier projections of July.
Meanwhile, the US military is expected to intensify strikes on Iran, potentially targeting missile production facilities, drones and naval assets.
