BULLION OUTLOOK FOR 11-12 JAN 2016

yesterday’s CALL UPDATE:

GOLD HIT  TGT 28100 MADE HIGH OF 28289 !!!

silver HIT all TGT 40850 MADE HIGH OF 41249!!!

BUY GOLD FEB @ 28200 SL 28000 TGT 28350/28450.

BUY SILVER MAR @ 41100 SL 41900 TGT 41250-41350.

Gold:  On hourly chart, MCX Gold price has given breakout of its rising channel pattern at 28180 levels.In addition, MCX Gold prices have been trading above its 100 HEMA on hourly chart. Moreover, Momentum Indicator RSI have shown bullish range shift on hourly chart, which gives the sign of bullishness in the prices. For now we expect prices should move higher towards 28550 levels in the coming trading sessions.

Outlook: Gold trading range for the day is 27887-28389. Technically market is under short covering as market has witnessed drop in open interest by -5.83% to settled at 7125 while prices up 93 rupee, now Gold is getting support at 28016 and below same could see a test of 27887 level, And resistance is now likely to be seen at 28267, a move above could see prices testing 28389.

	R2	R1	S1		S2	TREND
GOLD	28500	28300	28200		28000	SIDEWAYS

Silver: On 4 hourly chart, MCX Silver price has given breakout of its falling channel pattern at 40180 levels. On the other hand, MCX Silver price has been trading above its 100 HEMA, which indicates short term trend remains up. Moreover, In addition, momentum indicator RSI has taken support of its rising trend line at 53 levels on 4 hourly chart, which indicates strength in the prices. For now we expect prices to move higher towards 42200 levels in few trading sessions.

Outlook:  Silver trading range for the day is 40227-41753. Technically market is under short covering as market has witnessed drop in open interest by -0.18% to settled at 13507 while prices up 408 rupee, now Silver is getting support at 40661 and below same could see a test of 40227 level, And resistance is now likely to be seen at 41424, a move above could see prices testing 41753.

	R2	R1	S1		S2	TREND
SILVER	41500	41250	41200		41000	SIDEWAYS