BULLION OUTLOOK FOR 01-02 MARCH 2017

SELL GOLD 29400 SL 29500 TGT 29200-29000.

SELL SILVER 43300 SL 44500 TGT 43000-42800.

Gold: Gold trading range for the day is 29422-29722. Technically market is getting support at 29494 and below same could see a test of 29422 level, And resistance is now likely to be seen at 29644, a move above could see prices testing 29722. Gold Future is trading into positive zone and traders can hold long positions until Gold Future closes below 29432 levels. Traders can initiate fresh long positions on every dip until Gold Future closes below 29432 levels.

	R2	R1	S1		S2	TREND
GOLD	29550	29450	29200		29000	Bearish

Silver: Silver trading range for the day is 43546-44274.Technically market is under fresh selling as market has witnessed gain in open interest by 61.7% to settled at 10973 while prices down -52 rupees, now Silver is getting support at 43751 and below same could see a test of 43546 level, And resistance is now likely to be seen at 44115, a move above could see prices testing 44274.Analysis would remain same. Silver is still in positive zone and traders can buy at dips or hold long positions until Silver closes below 43034 levels. Traders can go short once Silver Future closes below 43034 levels.

	R2	R1	S1		S2	TREND
SILVER	43450	43400	43300		43200	Bearish