BULLION OUTLOOK FOR 19-20 JAN 2017

SELL GOLD FEB @ 28800 SL 29000 TGT 28640-28640.

BUY SILVER DEC @ 43800 SL 43480 TGT 44180-44450.

Gold:  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 27830 levels. COMEX Gold prices have been faced resistance of its horizontal trend line at $1217 levels on daily chart. Moreover, Momentum Indicator RSI has shown negative divergence on hourly chart. For now we expect prices should move lower towards 28450 levels in the coming trading sessions

Outlook: Gold trading range for the day is 28614-28914. Technically market is under short covering as market has witnessed drop in open interest by -1.17% to settled at 7118 while prices up 53 rupee, now Gold is getting support at 28703 and below same could see a test of 28614 level, And resistance is now likely to be seen at 28853, a move above could see prices testing 28914

	R2	R1	S1		S2	TREND
GOLD	28880	28700	28500		28300	BEARISH

Silver: 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 COMEX Silver prices have been facing resistance of its $17.28 levels on hourly chart. In addition, momentum indicator RSI has faced resistance of its horizontal trend line at 75 levels on hourly chart, which indicates lack of strength in the prices. For now we expect prices to move lower towards 40900 levels in few trading sessions.

Outlook:  Silver trading range for the day is 41295-42437. Technically now Silver is getting support at 41646 and below same could see a test of 41295 level, And resistance is now likely to be seen at 42217, a move above could see prices testing 42437.

	R2	R1	S1		S2	TREND
SILVER	42000	41800	41500		41200	BEARISH