BULLION OUTLOOK FOR 22-23 NOV 2016

yesterday's call update:
GOLD HIT TGT 29180 MADE HIGH OF 29224 !!!

SILVER HIT TGT 40400 MADE HIGH OF 41093!!!

BUY GOLD DEC @ 29200 SL 29100 TGT 29300-29450.

BUY SILVER DEC @ 41000 SL 40600 TGT 41300-41500.

Gold: MCX Gold prices has witnessed breakdown of its consolidation range at 29000 levels on hourly time frame. On daily chart, MCX Gold prices are trading below its Horizontal Trend line. Moreover, MCX Gold prices are trading below its 50 HEMA which suggest short term trend remains down. Moreover, Momentum Indicator RSI is hovering near 50 levels on hourly time frame which indicates negative momentum to the prices. For now we expect prices should move lower towards 28700 levels in the coming trading sessions.  

	R2	R1	S1		S2	TREND
GOLD	29500	29200	29000		28800	SIDEWAYS

Silver: On hourly chart, MCX Silver prices has observed breakdown of its Consolidation pattern at 40400 levels on hourly time frame. Moreover, MCX Silver prices are trading below its 21 DEMA which suggest short term trend remains down. Furthermore, counter is trading below its trend line resistance. In Addition, Momentum Indicator RSI is trading below 50 levels on hourly time frame which indicates negative momentum to the prices. For now we expect prices to move lower towards 39800 levels in few trading sessions

	R2	R1	S1		S2	TREND
SILVER	41250	41100	41000		41800	SIDEWAYS