BULLION OUTLOOK FOR 28-29 DEC 2016

Gold:  On daily chart, MCX Gold price has taken support of its falling trend line at 26810 levels. Furthermore, COMEX Gold prices have been taking support of its horizontal trend line at $1138 levels on hourly chart. Moreover, Momentum Indicator MACD has given positive crossover on daily chart, which gives the sign of bullishness in the prices. For now we expect prices should move higher towards 27600 levels in the coming trading sessions.

Outlook: Technically now Gold is getting support at 27015 and below same could see a test of 26859 level, And resistance is now likely to be seen at 27373, a move above could see prices testing 27575. Gold trading range for the day is 26859-27575.

	R2	R1	S1		S2	TREND
GOLD	27500	27350	27200		27000	BEARISH

Silver: On hourly chart, MCX Silver price has been trading in its falling wedge pattern and prices have been taking support of its lower band of pattern at 38500 levels. On the other hand, prices are trading above its 21 HEMA. In addition, momentum indicator MACD has given positive crossover on hourly chart, which indicates strength in the prices. For now we expect prices to move higher towards 39900 levels in few trading sessions.

 Outlook: Technically market is getting support at 38764 and below same could see a test of 38410 level, And resistance is now likely to be seen at 39448, a move above could see prices testing 39778. Silver trading range for the day is 38410-39778.

	R2	R1	S1		S2	TREND
SILVER	39800	39600	39150		39000	BEARISH