BULLION OUTLOOK FOR 23-24 AUG 2017

SELL GOLD 29000 SL 29200 TGT 28750-28500.

SELL SILVER 39300 SL 39600 TGT 38100-37800.

Gold: Gold trading range for the day is 29300-28800. Gold is getting support at 29000 and below same could see a test of 28800 level, And resistance is now likely to be seen at 29200, a move above could see prices testing 29350. Gold is trading into positive zone and traders can hold long positions until Gold closes below 29000 levels. Traders can initiate long positions on every dip until Gold closes below 29000 levels. On the daily chart, Gold prices have given breakout of a falling wedge. Furthermore, prices have been sustaining above its 21 EMA on the hourly chart. In addition, momentum indicator RSI is in positive crossover and rising on the daily chart. Therefore, we keep our bullish view on Gold with an expectation of 29500 levels.

	R2	R1	S1		S2	TREND
GOLD	29300	29200	29000		28800	Bearish

Silver: Silver trading range for the day is 39400-38600. Technically Silver is getting support at 38800 and below same could see a test of 38600 level, And resistance is now likely to be seen at 39200, a move above could see prices testing 38400. Silver is trading into positive zone and traders can go long at every dip or hold long positions until Silver closes below 38800  levels. On the daily chart, Silver price has given breakout of a inverted Head and Shoulder pattern, which is very bullish pattern. Moreover, Furthermore, price has been trading above its 21 EMA on the daily chart. In addition, momentum indicator RSI is in positive crossover and rising on the daily chart. Therefore, we keep our bullish view on Silver with an expectation of 40500 levels.

	R2	R1	S1		S2	TREND
SILVER	39400	39200	38800		38600	Bearish