WEEKLY BULLION OUTLOOK FOR 23-30 DEC

SELL GOLD FEB @ 27050 SL 27250 TGT 26820-26660.

SELL SILVER MAR @ 39200 SL 39650 TGT 38850-38550.

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 26752-27188. Technically market is under fresh selling as market has witnessed gain in open interest by 1.28% to settled at 6587 while prices down -22 rupee, now Gold is getting support at 26860 and below same could see a test of 26752 level, And resistance is now likely to be seen at 27078, a move above could see prices testing 27188.

	R2	R1	S1		S2	TREND
GOLD	27100	27000	26800		26500	DOWN

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 38539-39613. Technically market is under fresh selling as market has witnessed gain in open interest by 2.12% to settled at 14791 while prices down -170 rupee, now Silver is getting support at 38755 and below same could see a test of 38539 level, And resistance is now likely to be seen at 39292, a move above could see prices testing 39613.

	R2	R1	S1		S2	TREND
SILVER	39500	39200	39000		38500	DOWN