BULLION OUTLOOK FOR 23-24 NOV 2016

Gold:  MCX Gold prices has witnessed breakdown of its Rising Channel pattern at 29086 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 trading below 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	29350	29250	29100		29000	SIDEWAYS

Silver: On hourly chart, MCX Silver prices are trading in a consolidation pattern which is expected to break on the higher side. Moreover, MCX Silver prices are trading above its 05 HEMA which suggest short term trend remains up. Furthermore, on COMEX Silver Prices has completed Bullish White Swan Harmonic pattern at $16.44 levels. In Addition, Momentum Indicator RSI is also observed bullish Range swift on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 41550 levels in few trading sessions.

	R2	R1	S1		S2	TREND
SILVER	41000	40900	40700		40500	SIDEWAYS