7 March 2017

BULLION OUTLOOK FOR 07-08 MARCH

BUY GOLD @ 28900 SL 29000 TGT 29100-29280.

 BUY SILVER @ 42400 SL 42100 TGT 42820-42880.

Gold: Gold trading range for the day is 28753-29285. Technically market is under long liquidation as market has witnessed drop in open interest by -3.88% to settled at 5892 while prices down -75 rupees, now Gold is getting support at 28849 and below same could see a test of 28753 level, And resistance is now likely to be seen at 29115, a move above could see prices testing 29285. Gold Future is trading in negative zone and traders can hold short positions until Gold closes above 29298 levels. Traders can initiate short positions on every rise until Gold closes above 29298 levels.

           
R2
R1
S1
S2
TREND
GOLD
29000
28900
28800
28650
BULLISH
Silver: Silver trading range for the day is 42104-42962. . Technically market is under long liquidation as market has witnessed drop in open interest by -0.29% to settled at 10994 while prices down -103 rupees, now Silver is getting support at 42267 and below same could see a test of 42104 level, And resistance is now likely to be seen at 42696, a move above could see prices testing 42962. Silver is trading into negative zone and traders can short at every rise or hold short positions until Silver closes above 43163 levels. Traders can go long once Silver Future closes above 43163 levels.
           
R2
R1
S1
S2
  TREND
SILVER
42550
42400
42300
42200
  BULLISH