BULLION OUTLOOK FOR 10-11 JAN 2016

BUY GOLD FEB @ 27950 SL 27800 TGT 28100-28300.

BUY SILVER MAR @ 40350 SL 40150 TGT 40560-40850.

Gold: On hourly chart, MCX Gold prices have been trading in rising channel formation and prices have been taking support of its lower band of channel pattern at 27630 levels. In addition, MCX Gold prices have been trading above its 100 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 28350 levels in the coming trading sessions.

Outlook: Gold trading range for the day is 27752-28230.Technically market is under fresh buying as market has witnessed gain in open interest by 5.85% to settled at 7566 while prices up 164 rupee, now Gold is getting support at 27902 and below same could see a test of 27752 level, And resistance is now likely to be seen at 28141, a move above could see prices testing 28230.

	R2	R1	S1		S2	TREND
GOLD	28200	28100	28000		27900	SIDEWAYS

Silver: On 4 hourly chart, MCX Silver price has given breakout of its falling trend 40080 levels. On the other hand, MCX Silver price has been trading above its 100 HEMA, which indicates short term trend remains up. Moreover, COMEX Silver prices have been taking support of its rising trend line at $16.10 levels on hourly chart. 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 41200 levels in few trading sessions.

Outlook:  Silver trading range for the day is 40005-41121. Technically now Silver is getting support at 40346 and below same could see a test of 40005 level, And resistance is now likely to be seen at 40904, a move above could see prices testing 41121.

	R2	R1	S1		S2	TREND
SILVER	41000	40750	40600		40500	SIDEWAYS