Bullion Update and Market Outlook: Nirmal Bang

goldGold: The counter is seen forming a Bullish Flag, maintaining above the 50% retracement level of the earlier filled green candle. The upside movement may trigger on breaching the 15800 levels on the upside. The RSI is overbought at 80 levels, thus one should apply stop loss below 15600 for intraday. The ADX indicates bullish trend in the counter, thus one can remain long at dip above 15600.

Silver: The Counter is bullish above 26000 in short run, as the RSI is very Bullish and ADX indicate bullish trend in the counter. The prices are maintaining above 26100 levels for close. Thus breaching 26450 can trigger upside in prices to immediate target of 26800-27000. However one should be cautioned at the same time as RSI is in the overbought zone any fall can test 25500 on corrective mode, which can be a good buy.