2 February 2017

BULLION OUTLOOK FOR 02-03 FEB 2017

Gold:  Technically market is under long liquidation as market has witnessed drop in open interest by -6.76% to settled at 6993 while prices down -110 rupees, now Gold is getting support at 28520 and below same could see a test of 28357 level, And resistance is now likely to be seen at 28906, a move above could see prices testing 29129.
Outlook: Gold trading range for the day is 28357-29129. Gold dropped as the dollar strengthened ahead of an interest rate decision by Fed which is expected to provide clues on monetary policy this year.
           
R2
R1
S1
S2
TREND
GOLD
31000
30650
30500
30000
SIDEWAYS
Silver: Technically market is under fresh selling as market has witnessed gain in open interest by 0.87% to settled at 13008 while prices down -22 rupees, now Silver is getting support at 41643 and below same could see a test of 41398 level, And resistance is now likely to be seen at 42191, a move above could see prices testing 42494.
Outlook:  Silver trading range for the day is 41398-42494.Silver dropped with investors noting upbeat language from the Fed in the latest policy review signaling rate hikes remain on track.
           
R2
R1
S1
S2
TREND
SILVER
44250
44100
44000
43750
SIDEWAYS