BULLION OUTLOOK FOR 07-08 DEC 2016

SELL GOLD DEC @ 27900 SL 28100 TGT 27800-27500.

SELL SILVER DEC @ 41100 SL 41250 TGT 40950-40750.

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 prices are trading in Bullish Flag Pattern 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 28250 levels in the coming trading sessions.

Outlook: Technically market is under fresh selling as market has witnessed gain in open interest by 0.83% to settled at 6311 while prices down -236 rupee, now Gold is getting support at 27739 and below same could see a test of 27652 level, And resistance is now likely to be seen at 27984, a move above could see prices testing 28142.

	R2	R1	S1		S2	TREND
GOLD	28100	28000	27800		27700	SIDEWAYS

Silver: On hourly chart, MCX Silver prices are trading in a Ascending triangle Formation. 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 41750 levels in few trading sessions.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 2.6% to settled at 12582 while prices down -336 rupee, now Silver is getting support at 40857 and below same could see a test of 40691 level, And resistance is now likely to be seen at 41305, a move above could see prices testing 41587.

	R2	R1	S1		S2	TREND
SILVER	41500	41250	41000		40800	SIDEWAYS