5 December 2016

BULLION OUTLOOK FOR 05-06 DEC 2016

BUY GOLD DEC @ 27900 SL 27500 TGT 28200-28500.

BUY SILVER DEC @ 41000 SL 40500 TGT 41500-42000.

Gold:  On hourly chart, MCX Gold prices are trading in a Falling channel Formation. Moreover, MCX Gold prices are trading below its 21 HEMA which suggest short term trend remains down. Moreover, Momentum Indicator RSI is trading below 50 levels on hourly time frame which indicates negative momentum to the prices. For now we expect prices should move lower towards 27700 levels in the coming trading sessions.
Outlook: Technically market is under fresh buying as market has witnessed gain in open interest by 1.48% to settled at 6168, now Gold is getting support at 27986 and below same could see a test of 27860 level, And resistance is now likely to be seen at 28219, a move above could see prices testing 28326.
           
R2
R1
S1
S2
TREND
GOLD
31000
30650
30500
30000
SIDEWAYS
Silver: On hourly chart, MCX Silver prices have completed Bullish Anti – Alternate Shark Harmonic Pattern 40550 levels. Furthermore, on COMEX Silver Prices has completed Bullish AB = CD Harmonic pattern at $16.16 levels. In Addition, MCX Silver prices are trading above its 21 HEMA on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 41950 levels in few trading sessions.
Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -0.59% to settled at 12169 while prices up 696 rupee, now Silver is getting support at 40745 and below same could see a test of 40150 level, And resistance is now likely to be seen at 41702, a move above could see prices testing 42064.
           
R2
R1
S1
S2
TREND
SILVER
44250
44100
44000
43750
SIDEWAYS

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