TECHNICALLY BULLION OUTLOOK FOR 23-24 JAN 2017

BUY GOLD DEC @ 28750 SL 28650 TGT 28850-28920.

BUY SILVER DEC @ 41700 SL 41500 TGT 41850-42000.

Gold: Technically market is under short covering as market has witnessed drop in open interest by -2.4% to settled at 6589 while prices up 97 rupee, now Gold is getting support at 28540 and below same could see a test of 28455 level, And resistance is now likely to be seen at 28703, a move above could see prices testing 28781.

Outlook: Gold trading range for the day is 28455-28781. Demand for gold was also boosted by data showing that China’s gross domestic product rose 6.8% in the fourth quarter of 2016, in line with expectations

	R2	R1	S1		S2	TREND
GOLD	28930	28850	28720		28650	SIDEWAYS

Silver: Technically market is under short covering as market has witnessed drop in open interest by -0.65% to settled at 13024 while prices up 155 rupee, now Silver is getting support at 41150 and below same could see a test of 40874 level, And resistance is now likely to be seen at 41654, a move above could see prices testing 41882.

Outlook:  Silver trading range for the day is 40874-41882. Silver gained as the dollar fell and U.S. Treasury yields came off their highs after Donald Trump was sworn in as U.S. president.

	R2	R1	S1		S2	TREND
SILVER	42000	41850	41500		41200	SIDEWAYS