BULLION OUTLOOK FOR 06-17 JAN 2017

BUY GOLD FEB @ 28350 SL 28200 TGT 28480-28600.

BUY SILVER MAR @ 40780 SL 40550 TGT 40980-41200.

Gold:  Gold trading range for the day is 28153-28553. On hourly chart, MCX Gold price has taken support of its rising trend line at 27270 levels. In addition, MCX Gold prices have been trading above its 50 HEMA on hourly chart. Moreover, Momentum Indicator RSI have shown bullish range shift on hourly chart, which gives the sign of bullishness in the prices. For now we expect prices should move higher towards 28800 levels in the coming trading sessions.

Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -2.4% to settled at 7108 while prices down -13 rupee, now Gold is getting support at 28266 and below same could see a test of 28153 level, And resistance is now likely to be seen at 28466, a move above could see prices testing 28553.

	R2	R1	S1		S2	TREND
GOLD	28800	28600	28500		28350	SIDEWAYS

Silver: Silver trading range for the day is 40372-41324. On hourly chart, MCX Silver prices has been trading in rising channel pattern and prices have been taking support of lower band of pattern at 40520 levels. In addition, momentum indicator RSI has taken support of its rising trend line at 53 levels on 4 hourly chart, which indicates strength in the prices. For now we expect prices to move higher towards 42700 levels in few trading sessions.

Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -1.32% to settled at 13544 while prices up 28 rupee, now Silver is getting support at 40630 and below same could see a test of 40372 level, And resistance is now likely to be seen at 41106, a move above could see prices testing 41324.

	R2	R1	S1		S2	TREND
SILVER	41500	41300	41000		40800	SIDEWAYS