26 September 2016

BULLION OUTLOOK OF 26-27 SEP 2016

BUY SILVER DEC @ 46400 SL 46250 TGT 46550-46800.MCX

BUY GOLD OCT @ 31300 SL 31000 TGT 31400-31480.MCX



Gold:  Gold trading range for the day is 31134-31424. Gold prices settled flat but ended with gains on weekly basis after Fed sounded a cautious note on the pace of interest rate hikes. In India, discount over the global spot gold benchmark narrowed to $12 an ounce, from $20 last week. Asian physical gold demand remained subdued in the week ahead of a national holiday in China.
Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -6.2% to settled at 6841 while prices down -51 rupee, now Gold is getting support at 31208 and below same could see a test of 31134 level, And resistance is now likely to be seen at 31353, a move above could see prices testing 31424.
           
R2
R1
S1
S2
TREND
GOLD
31390
31310
31200
31000
BULLISH
Silver:  Silver trading range for the day is 46244-47702. Silver dropped as investors chose to lock in profits after gains seen as the Fed’s decision to leave interest rates unchanged continued to support. Boston Fed President Eric Rosengren said that he believed interest rates should be raised gradually now. Holdings at ishares silver trust gained by 0.29% i.e. 32.48 tonnes to 11337.95 tonnes from 11305.47 tonnes.
Outlook:  Technically market is under long liquidation as market has witnessed drop in open interest by -7.89% to settled at 8146, now Silver is getting support at 46531 and below same could see a test of 46244 level, And resistance is now likely to be seen at 47260, a move above could see prices testing 47702.
           
R2
R1
S1
S2
TREND
SILVER
47000
46600
46300
46100
BULLISH

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