BULLION OUTLOOK FOR 18-19 JAN 2017

CALL UPDATE: given on 16 jan

GOLD HIT all TGT 28600 MADE HIGH OF 28776 !!!

silver HIT all TGT 41200 MADE HIGH OF 41780!!!
Gold:  Gold trading range for the day is 28490-28900. Technically market is getting support at 28614 and below same could see a test of 28490 level, And resistance is now likely to be seen at 28819, a move above could see prices testing 28900.

Outlook: On hourly chart, MCX Gold prices has been trading in rising channel pattern and price has faced resistance of its upper band of channel pattern at 27790 levels. Moreover, Momentum Indicator MACD has shown negative crossover on hourly chart. For now we expect prices should move lower towards 28400 levels in the coming trading sessions

	R2	R1	S1		S2	TREND
GOLD	28900	28780	28670		28550	SIDEWAYS

Silver: Silver trading range for the day is 40794-42182. Technically market is getting support at 41196 and below same could see a test of 40794 level, And resistance is now likely to be seen at 41890, a move above could see prices testing 42182.

Outlook:  On hourly chart, MCX Silver prices has been trading in rising channel pattern and prices have been hovering around its upper band of pattern at 41850 levels. In addition, momentum indicator RSI has faced resistance of its horizontal trend line at 60 levels on daily chart, which indicates lack of strength in the prices. For now we expect prices to move lower towards 40900 levels in few trading sessions.

	R2	R1	S1		S2	TREND
SILVER	40950	40700	40500		40200	SIDEWAYS