15 February 2017

BULLION OUTLOOK FOR 15-16 FEB 2017

BUY GOLD @ 29050 SL 29000 TGT 29150-29280.

 BUY SILVER @ 42400 SL 42100 TGT 42720-42880.

Gold: Gold trading range for the day is 28822-29262. Technically market is under fresh selling as market has witnessed gain in open interest by 1.62% to settled at 6601 while prices down -20 rupees, now Gold is getting support at 28911 and below same could see a test of 28822 level, And resistance is now likely to be seen at 29131, a move above could see prices testing 29262.
Outlook: MCX Gold price has given a breakout of its Cup & Handle pattern at 28870 levels on the 4 hourly chart. Moreover, Momentum Indicator RSI has shown bullish range shift on the hourly chart. For now, we expect prices should move higher towards 29350 levels in the coming trading session
           
R2
R1
S1
S2
TREND
GOLD
29200
29150
29080
28900
BULLISH
Silver: Silver trading range for the day is 41864-43196. Technically market is under short covering as market has witnessed drop in open interest by -1.95% to settled at 11776 while prices up 58 rupees, now Silver is getting support at 42172 and below same could see a test of 41864 level, And resistance is now likely to be seen at 42838, a move above could see prices testing 43196.
Outlook:On the 4 hourly chart, MCX Silver price has given a breakout of its inverted Head & Shoulder neckline at 41980 levels. In addition, momentum indicator MACD has shown positive crossover on the 4 hourly chart, which indicates possibilities of further upside in the prices. For now, we expect prices to move higher towards 43200 levels in few trading sessions.
           
R2
R1
S1
S2
  TREND
SILVER
42680
42570
42350
42000
  BULLISH

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  4. I have traded on silver @42690 and I am expecting for target of 42490. will silver break these level??

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    1. In silver 42650 is seen as a support level, if silver breaks ITS support levels .Then tgt of 42490 will come.

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    1. YOU CAN SELL GOLD BELOW 29300 TGT 29200 SL 29410

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  10. Today what is the movement in gold??

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    Replies
    1. GOLD IS RUNNING IN BUYING TREND, FOR NOW YOU CAN SELL ON RISE GOLD FOR TGT 29200 SL 29410

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