BULLION OUTLOOK FOR 09-10 JAN 2016

SELL GOLD FEB @ 27880 SL 27970 TGT 27800-27720.

SELL SILVER MAR @ 40300 SL 40500 TGT 40150-40000.

Gold: Gold trading range for the day is 27740-28056.

Outlook:  Technically market is under long liquidation as market has witnessed drop in open interest by -1.05% to settled at 7148 while prices down -61 rupee, now Gold is getting support at 27813 and below same could see a test of 27740 level, And resistance is now likely to be seen at 27971, a move above could see prices testing 28056.

	R2	R1	S1		S2	TREND
GOLD	27980	27900	27800		27650	SIDEWAYS

Silver: Silver trading range for the day is 39359-41029.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 0.85% to settled at 13177 while prices down -106 rupee, now Silver is getting support at 39850 and below same could see a test of 39359 level, And resistance is now likely to be seen at 40685, a move above could see prices testing 41029.

	R2	R1	S1		S2	TREND
SILVER	40650	40400	40200		40000	SIDEWAYS