BULLION OUTLOOK FOR 20-21 DEC 2016

yesterday’s CALL UPDATE:

GOLD almost HIT TGT 27050 MADE low OF 27064!!!

silver HIT all TGT 39400 MADE HIGH OF 38910!!!

BUY GOLD FEB @ 27150 SL 27000 TGT 27280-27400.

SELL SILVER MAR @ 39300 SL 40000 TGT 38950-38750.

Gold:  On daily chart, MCX Gold prices has been taking support of its trend line at 26820 levels. Furthermore, COMEX Gold prices are trading above its horizontal line support at $1120 levels on daily time frame. Moreover, Momentum Indicator RSI is trading in oversold zone at 25 levels daily time frame which indicates the possibilities of bounce back in the prices. For now we expect prices should move higher towards 27520 levels in the coming trading sessions.

Outlook: Gold trading range for the day is 27124-27348. Technically market is under fresh buying as market has witnessed gain in open interest by 1.9% to settled at 6331 while prices up 96 rupee, now Gold is getting support at 27192 and below same could see a test of 27124 level, And resistance is now likely to be seen at 27304, a move above could see prices testing 27348.

	R2	R1	S1		S2	TREND
GOLD	27280	27200	27050		26900	SIDEWAYS

Silver: On daily chart, MCX Silver prices have been trading in falling wedge pattern and taking support of its lower band of wedge pattern at 39180 levels. Furthermore, COMEX Silver prices have been taking support of its horizontal trend line at $16 levels on hourly chart. In addition, momentum indicator RSI has been trading at 39 levels on daily chart, which indicates bounce back in the prices. For now we expect prices to move higher towards 40700 levels in few trading sessions.

Outlook: Silver trading range for the day is 39144-39816.Technically market is under fresh

selling as market has witnessed gain in open interest by 3.4% to settled at 14547 while prices down -261 rupee, now Silver is getting support at 39288 and below same could see a test of 39144 level, And resistance is now likely to be seen at 39624, a move above could see prices testing 39816.

	R2	R1	S1		S2	TREND
SILVER	39700	39500	38900		38700	SIDEWAYS