WEEKLY BULLION OUTLOOK FOR 30SEP-07 OCT 2016

WEEKLY CALL UPDATE:

GOLD HIT TGT 31350 MADE HIGH OF 31350 !!!

CRUDEOIL HIT TGT 3120 MADE HIGH OF 3285!!!

"SELL GOLD OCT @ 31100 SL 31380 TGT 30920-30750."

"SELL SILVER DEC @ 45800 SL 46240 TGT 45420-45040"

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Gold:  Gold trading range for the day is 30780-31126. Gold prices dropped as the dollar firmed and investors assessed Federal Reserve Chair Janet Yellen's testimony before a Congressional committee. The Fed is considering changing the annual stress tests it gives to U.S. banks to see if they can withstand a massive financial crisis, Yellen said. The Fed's chair did not comment on the outlook for the economy or monetary policy .

Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -10.06% to settled at 6141 while prices down -350 rupee, now Gold is getting support at 30869 and below same could see a test of 30761 level, And resistance is now likely to be seen at 31178, a move above could see prices testing 31379.

	R2	R1	S1		S2	TREND
GOLD	31390	31250	31100		31000	SIDEWAYS

Silver:  Silver trading range for the day is 45040-45972. Silver rose as Fed Chair Janet Yellen avoided a hard timeline for a rate hike, though a colleague did suggest the topic was

up for discussion in November. Fed’s Evans said that raising rates because of financial stability concerns could leave the U.S. central bank less able to reach its inflation target.

Holdings at ishares silver trust dropped by 0.44% i.e. 50.02 tonnes to 11287.75 tonnes from 11337.95 tonnes.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 18.26% to settled at 9552 while prices down -1007 rupee, now Silver is getting support at 45084 and below same could see a test of 44675 level, And resistance is now likely to be seen at 46175, a move above could see prices testing 46857.

	R2	R1	S1		S2	TREND
SILVER	47000	46400	45500		45000	SIDEWAYS