BULLION OUTLOK FOR 20-21 FEB 2017

SELL GOLD @ 29250 SL 29350 TGT 29150-29100.

SELL SILVER @ 42800 SL 43280 TGT 42600-42500.

Gold: Gold trading range for the day is 29223-29517. Technically market is under long liquidation as market has witnessed drop in open interest by -3.62% to settled at 6738 while prices down -56 rupees, now Gold is getting support at 29291 and below same could see a test of 29223 level, And resistance is now likely to be seen at 29438, a move above could see prices testing 29517. MCX Gold price has given a breakout of its Cup & Handle pattern at 28870 levels on a daily chart and price has almost retested its breakout trend line levels.

	R2	R1	S1		S2	TREND
GOLD	29380	29300	29150		29000	BEARISH

Silver: Silver trading range for the day is 42689-43123. Technically now Silver is getting support at 42813 and below same could see a test of 42689 level, And resistance is now likely to be seen at 43030, a move above could see prices testing 43123.On a daily chart, MCX Silver price has given a breakout of its inverted Head & Shoulder neckline at 41980 levels and price has rested its neckline breakout.

	R2	R1	S1		S2	TREND
SILVER	43200	43000	42800		42500	BEARISH