BULLION OUTLOOK FOR 30-01 JAN 2017

Gold:  Gold trading range for the day is 27976-28572.MCX Gold price has given breakdown of its horizontal channel pattern at 28450 levels on 4 hourly chart. On daily chart, MCX Gold price has faced resistance of its breakdown trend line at 28850 levels. Gold prices have been trading below 200 HEMA on hourly chart. Moreover, Momentum Indicator MACD has given negative crossover on 4 hourly chart. For now we expect prices should move lower towards 27850 levels in the coming trading sessions.

Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -13.11% to settled at 5443 while prices down -32 rupees, now Gold is getting support at 28165 and below same could see a test of 27976 level, And resistance is now likely to be seen at 28463, a move above could see prices testing 28572.

	R2	R1	S1		S2	TREND
GOLD	28680	28500	28300		28200	SIDEWAYS

Silver: 5 Silver trading range for the day is 39945-42483.MCX Silver price has been taking support of its horizontal trend line at 40550 levels. In COMEX Silver prices have been taking support of its rising trend line $16.50 levels on hourly chart. MCX Silver prices have been trading above 200 HEMA on hourly chart. In addition, momentum indicator RSI has been taken support of its horizontal trend line at 35 levels on hourly chart, which indicates possibilities of further pull back in the prices. For now we expect prices to move higher towards 41650 levels in few trading sessions

Outlook:  Technically now Silver is getting support at 40689 and below same could see a test of 39945 level, And resistance is now likely to be seen at 41958, a move above could see prices testing 42483.

	R2	R1	S1		S2	TREND
SILVER	41750	41500	41200		41000	SIDEWAYS