Bullion Update and Market Outlook: Nirmal Bang

goldGold prices traded positive for the day, and closed higher at 14679. Prices are resisting the 14700 levels, but well supported by the trend line at 14600 levels. Gold looks positive with Crossover on upside by the RSI and the MACD.

Thus, one can remain long above 14600 levels, targeting 14800 in near term.

Silver Prices are lying in the consolidation phase, forming a symmetrical triangle. The bias remains on the upside with a upside crossover in RSI . The ADX continues to remain flat around 21 with no cues on strength of the direction. However, prices can face resistance on upside at 22745 (50 DMA), and next at 22870 (trend line).