WEEKLY BULLION OUTLOOK FOR 06-17 FEB 2017

SELL GOLD APR 2017 @ 28850 SL 29000 TGT 28720-28560

SELL SILVER MAR 2017 @ 41850 SL 42150 TGT 41650-41380

Gold:  Gold trading range for the day is 28670-29160. Gold edged up as support seen with tensions between Iran and the U.S, over a ballistic missile test by Tehran this week .

Outlook: Technically market is under fresh buying as market has witnessed gain in open interest by 1.94% to settled at 7129 while prices up 168 rupees, now Gold is getting support at 28760 and below same could see a test of 28670 level, And resistance is now likely to be seen at 29005, a move above could see prices testing 29160.

	R2	R1	S1		S2	TREND
GOLD	29000	28900	28600		28500	SIDEWAYS

Silver: Silver trading range for the day is 41262-42738. Silver dropped as investors booked profits, as prices seen supported after the Fed gave no firm signal on the timing of its next rate hike.

Outlook:  Technically market is under long liquidation as market has witnessed drop in open interest by -2.19% to settled at 12723 while prices down -88 rupees, now Silver is getting support at 41532 and below same could see a test of 41262 level, And resistance is now likely to be seen at 42270, a move above could see prices testing 42738.

	R2	R1	S1		S2	TREND
SILVER	42100	41800	41500		41000	SIDEWAYS