10 February 2017

WEEKLY COMMODITY OUTLOOK FOR 13-17 FEB 2017

yesterday’s CALL UPDATE:
GOLD HIT all TGT 29150 MADE HIGH OF 28925 !!!
silver HIT all TGT 41900 MADE HIGH OF 41793!!!

SELL GOLD APR 2017 @ 29000 SL 29150 TGT 28800-28600.

SELL SILVER MAR 2017 @ 41900 SL 42150 TGT 41700-41650.

Gold:  Gold trading range for the day is 28847-29509.Gold slipped after robust U.S. economic data pointed to a stronger economy, increasing the likelihood that the Federal Reserve will raise U.S. interest rates. Technically market is under long liquidation as market has witnessed drop in open interest by -1.72% to settled at 6866 while prices down -241 rupees, now Gold is getting support at 28968 and below same could see a test of 28847 level, And resistance is now likely to be seen at 29299, a move above could see prices testing 29509.
Outlook: MCX Gold price has given a breakout of its rising trend line at 29160 levels on the hourly chart. In addition, COMEX Gold price has shown a breakout of its horizontal trend line at $1227 levels. Moreover, Momentum Indicator RSI has shown bullish range shift on the hourly chart. For now, we expect prices should move higher towards 29550 levels in the coming trading sessions.
           
R2
R1
S1
S2
TREND
GOLD
29350
29200
28800
28600
SIDEWAYS
Silver: Silver trading range for the day is 41580-42638.Silver dropped as some renewed strength in U.S. dollar, as well as a rise among most U.S. equities helped to dull the metal’s appeal. Technically now Silver is getting support at 41805 and below same could see a test of 41580 level, And resistance is now likely to be seen at 42334, a move above could see prices testing 42638.
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 43000 levels in few trading sessions.
           
R2
R1
S1
S2
  TREND
SILVER
42380
42000
41700
41500
  BEARISH

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