BULLION OUTLOOK FOR 08-09 DEC 2016

Gold: On hourly chart, MCX Gold prices are trading above its trend line support. Moreover, COMEX Gold prices has observed breakout of its Bullish Flag Pattern at $1175 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 28250 levels in the coming trading sessions.

Outlook: Technically market is under short covering as market has witnessed drop in open interest by -2.38% to settled at 6161 while prices up 84 rupee, now Gold is getting support at 27805 and below same could see a test of 27700 level, And resistance is now likely to be seen at 28020, a move above could see prices testing 28130.

	R2	R1	S1		S2	TREND
GOLD	28000	27900	27800		27700	SIDEWAYS

Silver: MCX Silver achieved our short term target at 41750 levels in yesterdays trading sessions. On hourly chart, MCX Silver prices are witnessed breakout of its Ascending triangle Formation at 41630 levels. Furthermore, COMEX Silver Prices observed breakout of its consolidation formation at $17.09 levels 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 42600 levels in few trading sessions.

Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -2.03% to settled at 12326 while prices up 924 rupee, now Silver is getting support at 41199 and below same could see a test of 40451 level, And resistance is now likely to be seen at 42347, a move above could see prices testing 42747.

	R2	R1	S1		S2	TREND
SILVER	42000	41800	41550		41400	SIDEWAYS