8 August 2016

MARKET OUTLOOK OF BULLION FOR 08-09 AUG 2016

Gold:  Aug. Gold prices are trading with a cut of 0.50% currently. Counter has immediate support between 31000—30950 zones from hereon. Failure to sustain below 30950 levels will trigger a pullback rally towards 31215/31280 levels by close today. Momentum above 31300 levels will push prices higher towards 31550 areas.
Outlook: We expect gold prices to trade negative on the back of US non-farm payroll data released on Friday.
           
R2
R1
S1
S2
TREND
GOLD
31400
31300
31100
31000
SIDEWAYS
Silver:  Silver prices have bounced after testing its immediate support around 47000 levels today. Intraday view though will stay negative until prices trade below 47633 levels.
Sustenance below 46950 will open downside targets of 46775/46563 levels for Silver. A daily close above 47633 will trigger a retest of 48240—48450 zones.
Outlook:  We expect Silver prices to trade negative on the back of US non-farm payroll data released on Friday.
           
R2
R1
S1
S2
TREND
SILVER
46900
46500
46000
45700
SIDEWAYS

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