BULLION OUTLOOK FOR 15-16 FEB 2017

BUY GOLD @ 29050 SL 29000 TGT 29150-29280.

 BUY SILVER @ 42400 SL 42100 TGT 42720-42880.

Gold: Gold trading range for the day is 28822-29262. Technically market is under fresh selling as market has witnessed gain in open interest by 1.62% to settled at 6601 while prices down -20 rupees, now Gold is getting support at 28911 and below same could see a test of 28822 level, And resistance is now likely to be seen at 29131, a move above could see prices testing 29262.

Outlook: MCX Gold price has given a breakout of its Cup & Handle pattern at 28870 levels on the 4 hourly chart. Moreover, Momentum Indicator RSI has shown bullish range shift on the hourly chart. For now, we expect prices should move higher towards 29350 levels in the coming trading session

	R2	R1	S1		S2	TREND
GOLD	29200	29150	29080		28900	BULLISH

Silver: Silver trading range for the day is 41864-43196. Technically market is under short covering as market has witnessed drop in open interest by -1.95% to settled at 11776 while prices up 58 rupees, now Silver is getting support at 42172 and below same could see a test of 41864 level, And resistance is now likely to be seen at 42838, a move above could see prices testing 43196.

Outlook:On the 4 hourly chart, MCX Silver price has given a breakout of its inverted Head & Shoulder neckline at 41980 levels. In addition, momentum indicator MACD has shown positive crossover on the 4 hourly chart, which indicates possibilities of further upside in the prices. For now, we expect prices to move higher towards 43200 levels in few trading sessions.

	R2	R1	S1		S2	TREND
SILVER	42680	42570	42350		42000	BULLISH