GOLD OUTLOOK FOR 01-02 SEP 2016

YESTERDAY’ GOLD ROCKSSSS HIT ALL TGT 30650 MADE LOW OF 30641

Gold:  MCX Gold prices has witnessed breakdown of its Pennant pattern at 30816 levels on hourly time frame. On the other hand, prices have been trading below 50 HEMA on hourly time frame. Looking at ADX, Negative Directional Index (-DI) is in dominating position with rising average direction index. Moreover, Momentum Indicator RSI is trading below 40 levels on hourly time frame. For now we expect prices should move lower towards 30425 levels in the coming trading sessions.

Outlook: We expect gold prices to trade positive .

	R2	R1	S1		S2	TREND
GOLD	31100	30900	30600		30500	SIDEWAYS

Silver:  MCX Silver prices are trading above its trend line support on hourly chart. Furthermore, MCX Silver prices are trading above its 21 HEMA on hourly time frame. In addition prices have retraced 50% from its previous up move on daily chart. Moreover, Momentum Indicator RSI is hovering near 50 level on hourly time frame. For now we expect prices to move higher towards 45650 levels in few trading sessions.

Outlook:  We expect Silver prices to trade positive

	R2	R1	S1		S2	TREND
SILVER	45200	45000	44600		44400	BULLISH