BULLION OUTLOOK FOR 08-09 MARCH

BUY GOLD @ 28700 SL 29000 TGT 29000-29200.

 BUY SILVER @ 42600 SL 42100 TGT 42780-42950.

Gold: Gold trading range for the day is 28579-29035.Gold Future is trading in negative zone and traders can hold short positions until Gold Future closes above 29084 levels. Traders can initiate short positions on every rise until Gold Future closes above 29084 levels. Technically market is under fresh selling as market has witnessed gain in open interest by 2.49% to settled at 6039 while prices down -194 rupees, now Gold is getting support at 28665 and below same could see a test of 28579 level, And resistance is now likely to be seen at 28893, a move above could see prices testing 29035

	R2	R1	S1		S2	TREND
GOLD	29200	28750	28500		28350	BULLISH

Silver: Silver trading range for the day is 41515-42689.Silver is trading into negative zone and traders can short at every rise or hold short positions until Silver closes above 42796 levels. Traders can go long once Silver Future closes above 42796 levels. Technically market is under fresh selling and getting support at 41729 and below same could see a test of 41515 level, And resistance is now likely to be seen at 42316, a move above could see prices testing 42689. 

	R2	R1	S1		S2	TREND
SILVER	42000	41800	41600		41480	BULLISH