SILVER OUTLOOK FOR 30-31 AUG 2016

SELL SILVER @ SEP 44200 SL 44350 TGT 44000-43800

Silver:   Silver prices recovered from its intraday lows at 43559 levels yesterday. The counter has found support between 43750—43521 zones since the past 2-3 sessions. Thus, we expect the counter to pullback towards 44723/45150 levels until 43500 holds on the downside. A daily close below 43500 will extend the correction towards 42950/42700 levels.

Outlook:  We expect Silver prices to trade negative

	R2	R1	S1		S2	TREND
SILVER	44500	44300	44000		43900	SIDEWAYS

Gold:  Oct. Gold prices are trading on weak note currently. A decisive break down below 30851 levels will open downside targets of 30725/30669 levels for the counter. Momentum above 31000 levels will push prices higher towards 31093 levels. A daily close above 31100 levels will open upside targets of 31190/31246 levels.

Outlook: We expect gold prices to trade negative .

	R2	R1	S1		S2	TREND
GOLD	31150	31050	30900		30750	BEARISH