GOLD OUTLOOK FOR 29- 30 AUG 2016

SILVER ROCKSSSS HIT ALL TGT 44600 MADE HIGH OF 44705 GIVEN ON 26 AUG 2016

BUY GOLD OCT @ 31000 SL 30800 TGT 31200-31400

Gold:  Gold trading range for the day is 30638-31496. Technically now Gold is getting support at 30814 and below same could see a test of 30638 level, And resistance is now likely to be seen at 31243, a move above could see prices testing 31496. In the previous week, Gold prices remained quite volatile. After opening 31125 it moved up till 31415 and thereafter witnessed a sharp correction and tumbled to the low of 30851 and finally settled at 30990. Prices have breached the symmetrical triangle pattern and ended below it. On the weekly chart, the long term trend line support lies at 30660 and in coming session price could test these support of 30660 and re-bounce from the same towards 31200 then 31400 levels. Therefore we recommend to initiate long positions on dips.

Outlook: We expect gold prices to trade positive .

	R2	R1	S1		S2	TREND
GOLD	31150	31000	30880		30750	BULLISH