21 September 2016

TECHNICAL OUTLOOK OF BULLION FOR 21-22 SEP 2016

yeterday’s call update:

gold hit tgt 31050 made high of 31100

silver hit tgt 46380 made high of 46690

BUY GOLD OCT @ 30900 SL 30650 TGT 31050-31200.

BUY SILVER DEC @ 45950 SL 45650 TGT 46380-46850.

Gold:  Gold trading range for the day is 30776-31124. Gold steadied ahead of a two-day U.S. Federal Reserve meeting that investors are betting will leave interest rates unchanged. Investors will listen closely to Fed Chair Janet Yellen's speech for any hint that the central bank could raise rates before the end of the year. SPDR gold trust holdings dropped by 0.41% i.e. 3.86 tonnes to 938.75 tonnes from 942.61 tonnes. Technically market is getting support at 30850 and below same could see a test of 30776 level, And resistance is now likely to be seen at 31024, a move above could see prices testing 31124.
Outlook: We expect gold prices to trade positive .
           
R2
R1
S1
S2
TREND
GOLD
31325
31100
31000
30800
BULLISH
Silver:  Silver trading range for the day is 45684-46472. A range of mixed economic figures and conflicting remarks by key Fed policymakers have kept investors guessing over the timing of the next U.S. rate increase. Silver rose as the dollar dropped ahead of a two-day U.S. Federal Reserve meeting that investors are betting will leave interest rates unchanged. New residential construction in the U.S. pulled back by much more than expected in the month of August, the Commerce Department revealed in a report. Technically market is
under short covering as market has witnessed drop in open interest by -7.95% to settled at 7702 while prices up 97 rupee, now Silver is getting support at 45911 and below same could see a test of 45684 level, And resistance is now likely to be seen at 46305, a move above could see prices testing 46472.
Outlook:  We expect Silver prices to trade positive
           
R2
R1
S1
S2
TREND
SILVER
46800
46700
46400
46000
BULLISH

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