9 February 2017

SELL GOLD AND SILVER FOR 09-10 FEB 2017

SELL GOLD APR 2017 @ 29350 SL 29500 TGT 29250-29150.

 SELL SILVER MAR 2017 @ 42300 SL 42500 TGT 42100-41900.

Gold:  Gold prices rose to their highest level in 12 weeks as investors seek cover for increasing political and economic risks from Europe and the United States. Spot gold edged towards $1244/ounce on Wednesday. European bond yields continued to rise over concerns linked to France's Presidential elections and the future of Greece’s Euros 85 billion bailout. Greece's two year bond yields, meanwhile, surged past 10% , compared to a rate of -0.79% for Germany , following an IMF report that urged the debt-stricken nation to broaden its tax base and step-up the pace of economic reforms, , triggering a safe haven appeal in gold.
Outlook: Gold prices topped above $1240/ounce on emerging policy uncertainty from US, political uncertainty from Europe and financial instability from Greece. Separately mixed set of employment report from US eased investors from an imminent rate hike in the US, and on the top of that the safe haven demand continues to support gold’s demand. We expect gold to remain firm in today’s session. For the day we recommend a buy in gold
           
R2
R1
S1
S2
TREND
GOLD
29500
29400
29300
29150
SIDEWAYS
Silver: Silver prices ended mixed on Wednesday, as international markets ended the session higher by 0.44 %, however prices on MCX shed neatly 0.37 % in trade yesterday Industrial production in Germany unexpectedly fell 3.0 percent month-on-month in December of 2016, following an upwardly revised 0.5 percent rise in November and missing market consensus of a 0.3 percent gain
           
R2
R1
S1
S2
  TREND
SILVER
42650
42450
42250
42000
  BEARISH