BULLION OUTLOOK FOR 22 DEC 2016

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 26934-27292. Technically market is getting support at 27032 and below same could see a test of 26934 level, And resistance is now likely to be seen at 27211, a move above could see prices testing 27292.

	R2	R1	S1		S2	TREND
GOLD	27350	27200	27000		26800	SIDEWAYS

Silver: On 4 hourly chart, MCX Silver price has given breakdown of its falling wedge pattern at 39080 levels. On the other hand, prices are trading below 50 HEMA. Furthermore, COMEX Silver price has given breakdown of its horizontal trend line at $16 levels on hourly chart. In addition, momentum indicator RSI has been trading at 28 levels on 4 hourly chart, which indicates lack of strength in the prices. For now we expect prices to move lower towards 38000 levels in few trading sessions.

Outlook:  Silver trading range for the day is 38329-40107. Technically market is under long liquidation as market has witnessed drop in open interest by - 0.87% to settled at 14420 while prices down -7 rupee, now Silver is getting support at 38877 and below same could see a test of 38329 level, And resistance is now likely to be seen at 39766, a move above could see prices testing 40107.

	R2	R1	S1		S2	TREND
SILVER	40000	39800	39400		39000	SIDEWAYS