1 February 2017

BULLION OUTLOOK FOR 01-02 FEB 2017

yesterday’s CALL UPDATE:
GOLD HIT TGT 28800 MADE HIGH OF 29095 !!!
silver HIT TGT 42000 MADE HIGH OF 42249!!!
Gold:  Gold trading range for the day is 28434-29024.Technically market is under fresh buying getting support at 28613 and below same could see a test of 28434 level, And resistance is now likely to be seen at 28908, a move above could see prices testing 29024.
Outlook: MCX Gold prices have been trading in horizontal channel pattern formation and prices are trading near its resistance of its upper band of channel pattern at 28850 levels on the hourly chart. For now, we expect prices should move lower towards 28450 levels in the coming trading sessions.
           
R2
R1
S1
S2
TREND
GOLD
29200
29000
28800
28650
SIDEWAYS
Silver: Silver trading range for the day is 41190-42350Technically market is under short covering getting support at 41550 and below same could see a test of 41190 level, And resistance is now likely to be seen at 42130, a move above could see prices testing 42350.
Outlook:  On the hourly chart, MCX Silver price has been trading in horizontal channel formation and prices are hovering near its resistance of its upper band of channel pattern at 28850 levels. on the hourly chart, which indicates possibilities of further downside in the prices. For now, we expect prices to move lower towards 40700 levels in few trading sessions.
           
R2
R1
S1
S2
TREND
SILVER
42500
42300
42000
41700
SIDEWAYS
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