10 August 2016

MARKET OUTLOOK OF BULLION FOR 10-11 AUG 2016

Gold:  Gold: Aug. Gold prices have moved higher to hit an intraday high of 31550 levels. Failure to sustain above 31550 levels though will trigger a correction towards 31350/31300 areas. The pullback will advance further if prices break out decisively above 31550. 31690/31725 levels will be the upside targets for the counter in that case.
Outlook: We expect gold prices to trade negative on the back of US non-farm payroll data released on Friday.
           
R2
R1
S1
S2
TREND
GOLD
31500
31400
31250
31150
SIDEWAYS
Silver:  Silver: Silver prices have moved higher after a gap-up opening. If prices sustain
above 47000 levels then the counter will advance further towards 47700/48155 levels. Traders can buy into intraday dips until prices trade above 46940 levels. Sustenance below this level will see prices slip towards 46625/46480 levels.
Outlook:  We expect Silver prices to trade negative on the back of US non-farm payroll data released on Friday.

           
R2
R1
S1
S2
TREND
SILVER
46900
46600
46300
46200
SIDEWAYS