25 April 2016


RESISTANCES 29840/29960 /30150/30200
RESISTANCES 41300/41760/42500/43050
SUPPORTS 29140/29050/28960/28710
SUPPORTS 39800/39150/38500/37950
BUY ABOVE 29430, TGT 29520/29680, SL 29280
BUY ABOVE 40350, TGT 40700/40900, SL 40000
SELL BELOW 29240, TGT 29050/28930, SL 29390
SELL BELOW 39800, TGT 39500/39100, SL 40200
Gold: Gold fell more than 1 percent on Friday as the dollar advanced versus the yen and the euro, putting the metal on track to post its second straight weekly loss, while silver was set for its third consecutive weekly rise. The dollar was up 2 percent against the yen on speculation the Bank of Japan was considering applying negative rates to its lending program for financial institutions, effectively starting to pay banks to borrow its cash. Goldman Sachs maintained its bearish view on gold and other commodities on Friday, and reiterated its recommendation to short gold. The U.S. Federal Reserve will meet for a two-day policy meeting April 26- 27. HSBC said the gold and silver rallies could be running into headwinds. Outlook We expect gold prices to trade negative on the back of strength in US dollar
Silver: Silver turned lower and was down 0.1 percent at $16.97 an ounce, below the prior session's 11-month high of $17.69. It was up 4.6 percent for the week. Silver's rally this week has been helped by optimism over Chinese growth. Outlook We expect silver prices to trade negative on the back of profit booking after sharp up-move in prices.

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