BULLION OUTLOOK FOR 17-18 JAN 2017

Gold:  Gold trading range for the day is 28372-28686. Technically market is under short covering and getting support at 28451 and below same could see a test of 28372 level, And resistance is now likely to be seen at 28608, a move above could see prices testing 28686.

Outlook: On daily chart, MCX Gold price has faced resistance of its horizontal trend line at 27640 levels. In addition, MCX Gold prices have been trading below its 60 DEMA on daily chart. Moreover, Momentum Indicator RSI have been faced resistance of its horizontal lime at 68 levels on daily chart. For now we expect prices should move lower towards 28150 levels in the coming trading sessions.

	R2	R1	S1		S2	TREND
GOLD	29000	28800	28600		28500	SIDEWAYS

Silver: Silver trading range for the day is 40643-41435. Technically market is under fresh buying as market has witnessed gain in open interest by 1.14% to settled at 13698 while prices up 73 rupee, now Silver is getting support at 40801 and below same could see a test of 40643 level, And resistance is now likely to be seen at 41197, a move above could see prices testing 41435.

Outlook:  On hourly chart, MCX Silver prices has been trading in falling wedge pattern and prices have been facing resistance of upper band of pattern at 41350 levels.. In addition, momentum indicator RSI has faced resistance of its horizontal trend line at 60 levels on daily chart, which indicates lack of strength in the prices. For now we expect prices to move lower towards 40300 levels in few trading sessions.

	R2	R1	S1		S2	TREND
SILVER	41800	41600	41400		41000	SIDEWAYS