BULLION OUTOOK FOR 22-23 MAY 2017

BUY GOLD @ 28600 SL 28500 TGT 28780-28950.

BUY SILVER @ 39000 SL 38780 TGT 39320-39560.

Gold: Gold trading range for the day is 28395-28905. Technically market is under long liquidation as market has witnessed drop in open interest by -2.46% to settled at 4077 while prices down -70 rupees, now Gold is getting support at 28515 and below same could see a test of 28395 level, And resistance is now likely to be seen at 28770, a move above could see prices testing 28905. Gold Future is trading into positive zone and traders can hold long positions until Gold Future closes below 28544 levels. Traders can initiate long positions on every dip until Gold Future closes below 28544 levels. 

	R2	R1	S1		S2	TREND
GOLD	28850	28700	28500		28300	Bullish

Silver: Silver trading range for the day is 38631-39465.Technically market is under short covering as market has witnessed drop in open interest by -3.54% to settled at 18216 while prices up 222 rupees, now Silver is getting support at 38871 and below same could see a test of 38631 level, And resistance is now likely to be seen at 39288, a move above could see prices testing 39465.Silver is trading into positive zone and traders can go long at every dip or hold long positions until Silver closes below 38674 levels.

	R2	R1	S1		S2	TREND
SILVER	38650	38500	38300		38000	Bullish