WEEKLY BULLION OUTLOOK FOR 1-05 MAY 2017

SELL GOLD 28850 SL 29100 TGT 28600-28500. 

SELL SILVER  40000 SL 40500 TGT 39500-39200.

Gold: Gold trading range for the day is 28649-28877. Technically market is under short covering as market, now Gold is getting support at 28709 and below same could see a test of 28649 level, And resistance is now likely to be seen at 28823, a move above could see prices testing 28877. In addition, Gold prices have been trading below 50 EMA on a daily chart. The momentum indicator MACD has shown negative crossover on the a daily chart. Therefore, we expect the Gold price to move lower towards 28500 levels.

	R2	R1	S1		S2	TREND
GOLD	29000	28900	28800		28650	BEARISH

Silver: Silver trading range for the day is 39332-40256, now Silver is getting support at 39501 and below same could see a test of 39332 level, And resistance is now likely to be seen at 39963, a move above could see prices testing 40256. The momentum indicator MACD has shown negative crossover on the a daily chart. For now, we expect the price to move lower towards 39000 levels in the coming trading sessions

	R2	R1	S1		S2	TREND
SILVER	40250	40100	39850		39600	BEARISH