BULLION OUTLOOK FOR 15-16 SEP 2016

BUY GOLD OCT @ 31000 SL 30870 TGT 31180-31320

BUY SILVER DEC @ 45200 SL 44800 TGT 45600-45950

Gold: Gold trading range for the day is 30930-31254. now Gold is getting support at 31005 and below same could see a test of 30930 level, And resistance is now likely to be seen at 31167, a move above could see prices testing 31254. MCX Gold prices are facing resistance of its upper band of falling channel on hourly time frame. On the other hand, prices have been trading below 50 HEMA on hourly chart. Furthermore, Counter is trading below its horizontal trend line on hourly basis. Moreover, Momentum Indicator RSI is trading below 50 levels on hourly time frame. For now we expect prices should move lower towards 30750 levels in the coming trading sessions.

Outlook: We expect gold prices to trade positive .

	R2	R1	S1		S2	TREND
GOLD	31325	31200	31000		30750	BULLISH

Silver:  Silver trading range for the day is 45067-46067. Silver prices remained supported with views on chances for a U.S. rate hike next week squarely in focus and upbeat data from China. Federal Reserve Board Governor Lael Brainard argued against prematurely removing monetary policy accommodation in the United States. now Silver is getting support at 45284
and below same could see a test of 45067 level, And resistance is now likely to be seen at 45784, a move above could see prices testing 46067.MCX Silver prices observed breakout of its Falling channel pattern at 45850 levels on hourly time frame. Furthermore, MCX Silver prices are trading above its 21 HEMA on daily time frame. Moreover, Momentum indicator RSI is trading near its trend line support at 40 levels on hourly basis. For now we expect prices to move higher towards 46250 levels in few trading sessions.

Outlook:  We expect Silver prices to trade positive

	R2	R1	S1		S2	TREND
SILVER	46200	46000	45400		45000	BULLISH