WEEKLY COMMODITY OUTLOOK FOR 30 JAN 03 FEB 2017

"SELL GOLD  @ 28220 SL 28480 TGT 28150-28080"

"SELL SILVER   @ 40800 SL 41350 TGT 40600-40380"

"BUY CRUDE   @ 3630 SL 3580 TGT 3672-3710"

Gold:  Gold trading range for the day is 28171-28757. Gold prices fell as the metal’s safe-haven appeal was dampened amid a rally in global stock markets.

Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -12.65% to settled at 6264 while prices down -340 rupees, now Gold is getting support at 28278 and below same could see a test of 28171 level, And resistance is now likely to be seen at 28571, a move above could see prices testing 28757.

	R2	R1	S1		S2	TREND
GOLD	28500	28200	28000		27500	SIDEWAYS

Silver: Silver trading range for the day is 40484-41944. Silver dropped as the U.S. dollar pushed higher and stocks around the world extended their recent rally, dimming the metal’s safe-haven appeal.

Outlook:  Technically market is under long liquidation as market has witnessed drop in open interest by -2.55% to settled at 12771 while prices down -525 rupees, now Silver is getting support at 40838 and below same could see a test of 40484 level, And resistance is now likely to be seen at 41568, a move above could see prices testing 41944.

	R2	R1	S1		S2	TREND
SILVER	41000	40800	40500		40000	SIDEWAYS

Crudeoil: Crudeoil trading range for the day is 3562-3682. Crude oil prices dropped after data showed that U.S. crude supplies rose for the third week in a row last week.

Outlook : Technically market is under fresh selling as market has witnessed gain in open interest by 1.92% to settled at 8110 rupees, now Crudeoil is getting support at 3596 and below same could see a test of 3562 level, And resistance is now likely to be seen at 3656, a move above could see prices testing 3682.

	R2	R1	S1		S2	TREND
CRUDEOIL	3700	3650	3600		3550	SIDEWAYS