BULLION OUTLOOK FOR 27-28 FEB 2017

BUY GOLD @ 29550 SL 29400 TGT 29720-29850.

BUY SILVER @ 43150 SL 42850 TGT 43450-43640.

Gold: Gold trading range for the day is 29456-29732. Technically market is under short covering as market has witnessed drop in open interest by -0.68% to settled at 6840 while prices up 172 rupees, now Gold is getting support at 29539 and below same could see a test of 29456 level, And resistance is now likely to be seen at 29677, a move above could see prices testing 29732.

	R2	R1	S1		S2	TREND
GOLD	29820	29650	29500		29350	BULLISH

Silver: Silver trading range for the day is 42949-43627. Technically now Silver is getting support at 43151 and below same could see a test of 42949 level, And resistance is now likely to be seen at 43490, a move above could see prices testing 43627

        On the 4 hourly chart, MCX Silver price has faced the strong resistance of its rising trend line at 43400 levels. In addition, momentum indicator RSI has faced the resistance of 75 levels, which indicates possibilities of downside in the prices. For now, we expect prices to move lower towards 42300 levels in few trading sessions.

	R2	R1	S1		S2	TREND
SILVER	43650	43450	43200		43000	BULLISH