30 January 2017

BULLION OUTLOOK FOR 30-01 JAN 2017

Gold:  Gold trading range for the day is 27976-28572.MCX Gold price has given breakdown of its horizontal channel pattern at 28450 levels on 4 hourly chart. On daily chart, MCX Gold price has faced resistance of its breakdown trend line at 28850 levels. Gold prices have been trading below 200 HEMA on hourly chart. Moreover, Momentum Indicator MACD has given negative crossover on 4 hourly chart. For now we expect prices should move lower towards 27850 levels in the coming trading sessions.
Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -13.11% to settled at 5443 while prices down -32 rupees, now Gold is getting support at 28165 and below same could see a test of 27976 level, And resistance is now likely to be seen at 28463, a move above could see prices testing 28572.
           
R2
R1
S1
S2
TREND
GOLD
28680
28500
28300
28200
SIDEWAYS
Silver: 5 Silver trading range for the day is 39945-42483.MCX Silver price has been taking support of its horizontal trend line at 40550 levels. In COMEX Silver prices have been taking support of its rising trend line $16.50 levels on hourly chart. MCX Silver prices have been trading above 200 HEMA on hourly chart. In addition, momentum indicator RSI has been taken support of its horizontal trend line at 35 levels on hourly chart, which indicates possibilities of further pull back in the prices. For now we expect prices to move higher towards 41650 levels in few trading sessions
Outlook:  Technically now Silver is getting support at 40689 and below same could see a test of 39945 level, And resistance is now likely to be seen at 41958, a move above could see prices testing 42483.
           
R2
R1
S1
S2
TREND
SILVER
41750
41500
41200
41000
SIDEWAYS

4 comments:

  1. As I have followed You are providing best calls.I have traded on silver with the level of 41465,what target should I expect and what SL should I keep for it??

    ReplyDelete
    Replies
    1. you can keep sl of 41350 for target of 41620/41780

      Delete
  2. I just daily read your blog..it is such a nice blog!!!!
    it keeps me up to date. Thanksss!!!! keep it up

    ReplyDelete
    Replies
    1. thanks, for your appreciation it means lot to us, keep reading

      Delete