25 April 2017

BULLION OUTLOOK FOR 25-26 APRIL 2017

yesterday’s CALL UPDATE:
GOLD HIT TGT 28950 MADE LOW OF 28918 !!!
silver HIT all TGT 41000 MADE LOW OF 40840!!!

Gold: Gold trading range for the day is 28824-29404. Technically market is under long liquidation as market has witnessed drop in open interest by -12.39% to settled at 5869 while prices down -287 rupees, now Gold is getting support at 28978 and below same could see a test of 28824 level, And resistance is now likely to be seen at 29268, a move above could see prices testing 29404. The momentum indicator MACD has shown negative crossover on the 4 hourly chart. Therefore, we expect the Gold price to move lower towards 28750 levels.
           
R2
R1
S1
S2
TREND
GOLD
29100
29000
28850
28750
BEARISH
Silver: Silver trading range for the day is 40650-41430. Technically market is getting support at 40890 and below same could see a test of 40650 level, And resistance is now likely to be seen at 41280, a move above could see prices testing 41430. In addition, momentum indicator MACD is in Sell mode on the hourly chart in MCX Silver. For now, we expect the price to move lower towards 40200 levels in the coming trading sessions.
           
R2
R1
S1
S2
  TREND
SILVER
41250
41000
40800
40500
  BEARISH