Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang
Gold: The counter have turned bullish after breaching the resistance at 15690 levels and close above all the short term moving averages. The RSI has breached the MA, while ADX indicates bullishness in the counter. Thus one can remain long in the counter at every dips above 15675 levels, as the counter has potential to inch-up higher to 16000 levels in near term.
Silver: The counter is bullish with a triangular break out and closing above all the moving averages. The RSI is ready for a positive crossover above the MA, while +DI has already crossed the –DI on the upside. Thus the counter looks bullish. Prices if maintain above the 7 DMA of 26325, we may see prices inching up to 27600-800 in near term.