WEEKLY BULLION OUTLOOK FOR 22-26 MAY 2017

SELL GOLD @ 28850 SL 29000 TGT 28680-28550.

 SELL SILVER @ 39100 SL 39400 TGT 38800-38650.

Gold: Gold trading range for the day is 28322-29196. Technically market is under short covering as market has witnessed drop in open interest by -14.66% to settled at 4180 while prices up 86 rupees, now Gold is getting support at 28514 and below same could see a test of 28322 level, And resistance is now likely to be seen at 28951, a move above could see prices testing 29196. Gold is trading into positive zone and traders can hold long positions until Gold closes below 28544 levels. Traders can initiate long positions on every dip until Gold closes below 28544 levels.

	R2	R1	S1		S2	TREND
GOLD	28226	28150	28050		27950	Bearish

Silver: Silver trading range for the day is 38101-39769.Technically market is getting support at 38495 and below same could see a test of 38101 level, And resistance is now likely to be seen at 39329, a move above could see prices testing 39769. Silver is trading into positive zone and traders can go long at every dip or hold long positions until Silver closes below 38674  levels.

	R2	R1	S1		S2	TREND
SILVER	38500	38300	38100		37900	Bearish