BULLION OUTLOOK FOR 21-22 FEB 2017

BUY GOLD @ 29100 SL 29000 TGT 29200-29280.

 BUY SILVER @ 42500 SL 42100 TGT 42720-42880.

Gold: Gold trading range for the day is 29144-29404. Technically market is getting support at 29223 and below same could see a test of 29144 level, And resistance is now likely to be seen at 29353, a move above could see prices testing 29404. 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. Moreover, Momentum Indicator RSI has shown bullish range shift on the daily chart. For now, we expect prices should move higher towards 29650 levels in the coming trading sessions.

	R2	R1	S1		S2	TREND
GOLD	29280	29200	29000		28900	BULLISH

Silver: Silver trading range for the day is 42496-43140.Technically, Silver is getting support at 42698 and below same could see a test of 42496 level, And resistance is now likely to be seen at 43020, a move above could see prices testing 43140. 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. In addition, momentum indicator RSI has remained above 60 levels, which indicates possibilities of further upside in the prices. For now, we expect prices to move higher towards 43800 levels in few trading sessions.

	R2	R1	S1		S2	TREND
SILVER	42680	42570	42350		42000	BULLISH