BULLION OUTLOOK FOR 28-29 NOV 2016

Gold:  On hourly chart, MCX Gold prices are trading below its Horizontal Trend line. Moreover, MCX Gold prices are trading below its 21 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 28200 levels in the coming trading sessions.

Outlook: Technically market is under fresh buying as market has witnessed gain in open interest by 1.39% to settled at 7066 while prices up 381 rupee, now Gold is getting support at 30448 and below same could see a test of 30231 level, And resistance is now likely to be seen at 30784, a move above could see prices testing 30903.

	R2	R1	S1		S2	TREND
GOLD	29700	29000	28500		28000	SIDEWAYS

Silver: On hourly chart, MCX Silver prices are trading in Falling wedge pattern & are expected to break on the higher side. Furthermore, on COMEX Silver Prices has completed Bullish White Swan Harmonic pattern at $16.30 levels. In Addition, MCX Silver prices are trading above its 21 HEMA on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 41100 levels in few trading sessions.

Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -6.46% to settled at 12883, now Silver is getting support at 43722 and below same could see a test of 43365 level, And resistance is now likely to be seen at 44318, a move above could see prices testing 44557.

	R2	R1	S1		S2	TREND
SILVER	41500	41000	40500		40000	SIDEWAYS