BULLION OUTLOOK FOR 11-12 MAY 2017

yesterday’s CALL UPDATE:

GOLD HIT TGT 27960 MADE low OF 27940!!!

silver HIT all TGT 37950 MADE low OF 37886!!!

Gold: Gold trading range for the day is 27862-28212. Technically market is getting support at 27929 and below same could see a test of 27862 level, And resistance is now likely to be seen at 28104, a move above could see prices testing 28212. Gold price has given the breakdown of a “Rising channel” pattern at 28700 levels on a daily chart. In addition, Gold prices have been trading below 100 EMA on a daily chart. The momentum indicator MACD has remained in negative crossover on a daily chart. Therefore, we expect the Gold price to continue moving lower towards 27700 levels.

	R2	R1	S1		S2	TREND
GOLD	28150	28050	28000		27920	Bearish

Silver: Silver trading range for the day is 37617-38457. Technically market is under fresh buying and getting support at 37784 and below same could see a test of 37617 level, And resistance is now likely to be seen at 38204, a move above could see prices testing 38457. MCX Silver price has shown the breakdown of its “Descending triangle” pattern at 38400 levels on a daily chart. In addition, Silver prices have been trading below 100 EMA on a daily chart. The momentum indicator MACD has shown negative crossover on a daily chart. For now, we expect the price to move lower towards 37000 levels in the coming trading sessions.

	R2	R1	S1		S2	TREND
SILVER	38500	38300	38100		37900	Bearish