Bullions : Gold and Silver Updates : 09.09.2016

Bullions : Gold and Silver Updates : 09.09.2016

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Technical View:
MCX Gold Oct : 09.09.2016

MCX Gold prices have completed Bullish AB = CD pattern at
31153 levels on hourly time frame. On the other hand, prices
have been trading above 100 HEMA on hourly time frame.
Looking at ADX, Positive Directional Index (+DMI) is in
dominating position with rising average direction index on daily
chart. Moreover, Momentum Indicator RSI is trading above 50
levels on daily time frame. For now we expect prices should
move higher towards 31520 levels in the coming trading
sessions.

MCX Silver Dec : 09.09.2016

Technical View:
MCX Silver prices observed breakdown of its pennant pattern
at 46858 levels on hourly time frame. Furthermore, MCX Silver
prices are trading below its 21 HEMA on hourly time frame.
Looking at ADX, Negative directional index (-DMI) is in
domination position with rising average direction index.
Moreover, Momentum Indicator RSI is trading below 40 level
on hourly time frame. For now we expect prices to move
lower towards 46000 levels in few trading sessions
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