BULLION OUTLOOK FOR 06-07 DEC 2016

Gold:  On hourly chart, MCX Gold prices are trading in a Falling channel Formation & are trading near its lower band of trend line. Moreover, COMEX Gold has formed Double Bottom pattern at $1158 levels on hourly time frame. Moreover, Momentum Indicator RSI has observed Bullish divergence on hourly time frame which indicates positive momentum to the prices. For now we expect prices should move higher towards 28340 levels in the coming trading sessions.

Outlook: Technically market is under fresh selling as market has witnessed gain in open interest by 1.48% to settled at 6259 while prices down -48 rupee, now Gold is getting support at 27834 and below same could see a test of 27606 level, And resistance is now likely to be seen at 28228, a move above could see prices testing 28394.

	R2	R1	S1		S2	TREND
GOLD	28100	28000	27800		27700	SIDEWAYS

Silver: On hourly chart, MCX Silver prices have completed Bullish Anti – Alternate Shark Harmonic Pattern 40550 levels. Furthermore, COMEX Silver Prices are trading in a Rising Channel Formation on hourly time frame. 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 42000 levels in few trading sessions.

Outlook:  Technically market is under fresh buying as market has witnessed gain in open interest by 0.77% to settled at 12263 while prices up 19 rupee, now Silver is getting support at 40931 and below same could see a test of 40505 level, And resistance is now likely to be seen at 41599, a move above could see prices testing 41841.

	R2	R1	S1		S2	TREND
SILVER	41500	41200	41000		40800	SIDEWAYS