BULLION OUTLOOK FOR 02-03 JAN 2016

yesterday’s CALL UPDATE:

GOLD ALMOST HIT TGT 27650 MADE HIGH OF 27628

silver HIT all TGT 39250 MADE low OF 39250!!!

Gold:  On hourly chart, MCX Gold price has given breakout of its rectangle pattern at 27420 levels and price has retested its breakout trend line at 27420 levels. In addition, prices have been trading above its 50 HEMA. Moreover, Momentum Indicator RSI have been hovering around its support zone, which gives the sign of bullishness in the prices. For now we expect prices should move higher towards 27850 levels in the coming trading sessions.

Outlook: Gold trading range for the day is 27325-27723. Technically market is under fresh buying as market has witnessed gain in open interest by 3.36% to settled at 6758 while prices up 125 rupee, now Gold is getting support at 27448 and below same could see a test of 27325 level, And resistance is now likely to be seen at 27647, a move above could see prices testing 27723.

	R2	R1	S1		S2	TREND
GOLD	31000	30650	30500		30000	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 COMEX Silver prices have been taking support of its horizontal trend line at $15.85 levels on hourly chart. 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 40000 levels in few trading sessions.

Outlook:  Silver trading range for the day is 38805-39541. Technically market is under short covering as market has witnessed drop in open interest by -0.23% to settled at 13743 while prices up 87 rupee, now Silver is getting support at 38971 and below same could see a test of 38805 level, And resistance is now likely to be seen at 39339, a move above could see prices testing 39541.

	R2	R1	S1		S2	TREND
SILVER	44250	44100	44000		43750	SIDEWAY