SILVER CALL UPDATE: GIVEN ON 20 DEC 2016

HIT TGT 38950 MADE low OF 38860!!!

SELL GOLD DEC @ 26900 SL 27100 TGT 26750-26600.

BUY SILVER DEC @ 39000 SL 39250 TGT 38800-38500.

Gold: On Hourly chart, MCX Gold price has given breakdown of its rising channel pattern at 27040 levels. Furthermore, COMEX Gold prices are trading below its horizontal line support at $1136 levels on hourly time frame. Moreover, Momentum Indicator RSI is trading below 40 levels on hourly time frame which indicates the possibilities of further downside in the prices. For now we expect prices should move lower towards 26650 levels in the coming trading. Sessions.

Outlook: Gold trading range for the day is 26821-27291. Technically market is under fresh selling as market has witnessed gain in open interest by 3.22% to settled at 6504 while prices down -140 rupee, now Gold is getting support at 26905 and below same could see a test of 26821 level, And resistance is now likely to be seen at 27140, a move above could see prices testing 27291.

	R2	R1	S1		S2	TREND
GOLD	27200	27100	26850		26750	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 38626-40020. Technically market is under fresh selling as market has witnessed gain in open interest by 0.44% to settled at 14484 while prices down -286 rupee, now Silver is getting support at 38883 and below same could see a test of 38626 level, And resistance is now likely to be seen at 39580, a move above could see prices testing 40020.

	R2	R1	S1		S2	TREND
SILVER	39500	39250	39000		38700	SIDEWAYS