BULLION OUTLOOK FOR 12-14 SEP 2016

SELL SILVER BELOW 45400 TGT 45000/44800 SL 45700

GOLD: TECHNICAL ANALYSIS

MCX Gold prices have completed Bullish AB = CD pattern at 31153 levels on hourly time frame. On the other hand, prices have been trading above 100 HEMA on hourly chart. Furthermore, Counter is trading above its horizontal trend line on hourly basis. Moreover, Momentum Indicator RSI is trading above 50 levels on daily time frame. For now we expect prices should move lower towards 30700 levels in the coming trading sessions.

Outlook: We expect gold prices to trade positive .

	R2	R1	S1		S2	TREND
GOLD	31300	31200	31000		30750	BEARISH

SILVER: TECHNICAL ANALYSIS

MCX Silver prices continued to trade lower after witnessing breakdown of its pennant pattern at 46858 levels on hourly time frame. Furthermore, MCX Silver prices are trading below its 21 HEMA on hourly time frame. Looking at ADX, Negative directional index (-DMI) is in domination position with rising average direction index. Moreover, Momentum Indicator RSI is trading below 40 level on hourly time frame. For now we expect prices to move lower towards 44800 levels in few trading sessions.

Outlook:  We expect Silver prices to trade positive

	R2	R1	S1		S2	TREND
SILVER	46000	45700	45000		44500	BEARISH