9 May 2017

BULLION OUTLOOK FOR 09-10 MAY 2017

SELL SILVER BELOW 38030 TGT 37920/37780 SL 38180

SELL GOLD BELOW 28145 TGT 28075/28000 SL 28250
Gold: Gold trading range for the day is 27967-28299. . Technically Gold is getting support at 28029 and below same could see a test of 27967 level, And resistance is now likely to be seen at 28195, a move above could see prices testing 28299. We expect gold prices to trade sideways on the back of short covering after drop in prices.  Gold price has given the breakdown of a “Symmetrical triangle 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
28250
28180
28120
28000
Bearish
Silver: Silver trading range for the day is 37714-38436. Technically market is getting support at 37863 and below same could see a test of 37714 level, And resistance is now likely to be seen at 38224, a move above could see prices testing 38436.  We expect silver prices to trade sideways on the back of short covering after drop in prices. MCX Silver price has shown the breakdown of its “Symmetrical triangle pattern” at 41500 levels on a daily chart .In addition, MCX 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 37200 levels in the coming trading sessions.
           
R2
R1
S1
S2
  TREND
SILVER
38224
38080
38000
37900
  Bearish

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