WEEKLY BULLION OUTLOOK FOR 02-06 JAN 2017

BUY GOLD FEB @ 27200 SL 27050 TGT 27350-27480.

BUY SILVER MAR @ 39100 SL 38900 TGT 39450-39600.

Gold:  On hourly chart, MCX Gold price has given breakout of its rectangle pattern at 27220 levels. Furthermore, COMEX Gold prices have been taking support of its horizontal trend line at $1139 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 27800 levels in the coming trading sessions.

Outlook: Technically market is getting support at 27217 and below same could see a test of 27135 level, And resistance is now likely to be seen at 27364, a move above could see prices testing 27429.

	R2	R1	S1		S2	TREND
GOLD	28000	27700	27500		27200	SIDEWAYS

Silver: On 4 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 40300 levels in few trading sessions.

Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -1.15% to settled at 13463 while prices up 302 rupee, now Silver is getting support at 39151 and below same could see a test of 38882 level, And resistance is now likely to be seen at 39608, a move above could see prices testing 39796.

	R2	R1	S1		S2	TREND
SILVER	40000	39900	39700		39500	SIDEWAYS