WEEKLY BULLION OUTLOOK FOR 13-20 JAN 2016

Gold:  On hourly chart, MCX Gold price has given breakout of its rising channel pattern tat 27370 levels. In addition, MCX Gold prices have been trading above its 50 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 28800 levels in the coming trading sessions.

Outlook: Gold trading range for the day is 28234-28600. Technically market is getting support at 28314 and below same could see a test of 28234 level, And resistance is now likely to be seen at 28497, a move above could see prices testing 28600.

	R2	R1	S1		S2	TREND
GOLD	28550	28400	28200		28000	SIDEWAYS

Silver: On hourly chart, MCX Silver prices has been trading in rising wedge pattern and prices have been taking support of lower band of pattern at 40750 levels. given breakout of its falling channel pattern at 40180 levels. On the other hand, MCX Silver price has been trading above its 100 HEMA, which indicates short term trend remains up. 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 42700 levels in few trading sessions.

Outlook: Silver trading range for the day is 40438-41524 Technically market is getting support at 40649 and below same could see a test of 40438 level, And resistance is now likely to be seen at 41192, a move above could see prices testing 41524.

	R2	R1	S1		S2	TREND
SILVER	41250	41000	40650		40500	SIDEWAYS