9 December 2016

WEEKLY BULLION OUTLOOK FOR 09-16 DEC 2016

WEEKLY CALL UPDATE:
GOLD HIT TGT 27800 MADE HIGH OF 27700 !!!
silver HIT all TGT 41800 MADE HIGH OF 41995!!!

BUY GOLD DEC @ 27800 SL 27500 TGT 28000-28200.

BUY SILVER DEC @ 41350 SL 41000 TGT 41600-42000.

Gold:  On hourly chart, MCX Gold prices has observed breakdown of Bearish Pennant pattern at 27774 levels. Furthermore, MCX Gold prices are trading below its 21 HEMA on hourly time frame. Moreover, Momentum Indicator RSI is trading below 50 levels hourly time frame which indicates negative momentum to the prices. For now we expect prices should move lower towards 27500 levels in the coming trading sessions
Outlook: Technically market is getting support at 27711 and below same could see a test of 27644 level, And resistance is now likely to be seen at 27884, a move above could see prices testing 27990.
           
R2
R1
S1
S2
TREND
GOLD
31000
30650
30500
30000
SIDEWAYS
Silver: On hourly chart, MCX Silver prices are witnessed breakout of its Horizontal Trend line at 41764 levels. Furthermore, COMEX Silver Prices observed breakout of its consolidation formation at $17.09 levels on hourly time frame. In Addition, MCX Silver prices are trading above its 50 HEMA on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 42200 levels in few trading sessions.
Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 2.29% to settled at 12608 while prices down -421 rupee, now Silver is getting support at 41301 and below same could see a test of 41077 level, And resistance is now likely to be seen at 41806, a move above could see prices testing 42087.
           
R2
R1
S1
S2
TREND
SILVER
44250
44100
44000
43750
SIDEWAYS