WEEKLY BULLION OUTLOOK FOR 20-23 FEB 2017

SELL GOLD @ 29400 SL 29550 TGT 29400-29280.

 SELL SILVER @ 42800 SL 43200 TGT 42600-42480.

Gold: Gold trading range for the day is 29058-29664. Technically market is under fresh buying as market has witnessed gain in open interest by 5.92% to settled at 6991 while prices up 273 rupees, now Gold is getting support at 29237 and below same could see a test of 29058 level, And resistance is now likely to be seen at 29540, a move above could see prices testing 29664. MCX Gold price has given a breakout of its Cup & Handle pattern at 28870 levels on the 4 hourly chart and price has almost retested its breakout trend line levels. Moreover, Momentum Indicator RSI has shown bullish range shift on the hourly chart. For now, we expect prices should move higher towards 29800 levels in the coming trading sessions.

	R2	R1	S1		S2	TREND
GOLD	29550	29400	29200		29000	BEARISH

Silver: Silver trading range for the day is 42456-43408. Technically market is under fresh buying as market has witnessed gain in open interest by 0.14% to settled at 11762 while prices up 359 rupees, now Silver is getting support at 42733 and below same could see a test of 42456 level, And resistance is now likely to be seen at 43209, a move above could see prices testing 43408. On the 4 hourly 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 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 43800 levels in few trading sessions.

	R2	R1	S1		S2	TREND
SILVER	42680	42800	42350		42000	BEARISH