BULLION OUTLOOK FOR 15-16 SEP 206

YESTERDAY SILVER HIT TGT 45600

BUY GOLD @ 30850 SL 30720 TGT 30020-31160
BUY SILVER @ 45250 SL 44850 TGT 45650-45950

Gold:  Gold trading range for the day is 30939-31165. Gold remained under pressure ahead of a closely-watched U.S. retail sales report. Import prices in the U.S. saw a modest decrease in the month of August, the Labor Department revealed in a report. Markets are pricing in just a 15% chance of a rate hike at the Federal Reserve's September 20-21 meeting, according to sources. Gold prices are facing resistance of its upper band of falling channel on hourly time frame. On the other hand, prices have been trading below 50 HEMA on hourly chart. Furthermore, Counter is trading below its horizontal trend line on hourly basis. Moreover, Momentum Indicator RSI is trading below 50 levels on hourly time frame. Technically now Gold is getting support at 30988 and below same could see a test of 30939 level, And resistance is now likely to be seen at 31101, a move above could see prices testing 31165.

Outlook: We expect gold prices to trade positive .

	R2	R1	S1		S2	TREND
GOLD	31325	31150	31000		30750	BULLISH

Silver:  Silver trading range for the day is 45188-46044..MCX Silver prices observed breakout of its Falling channel pattern at 45850 levels & trading in a consolidation on hourly time frame. Furthermore, MCX Silver prices are trading above its 21 HEMA on daily time frame. Looking at ADX, Positive directional index (+DMI) is in domination position with

rising average direction index. Moreover, Momentum indicator RSI is trading near its trend line support at 40 levels on hourly basis. now Silver is getting support at 45396 and below same could see a test of 45188 level, And resistance is now likely to be seen at 45824, a move above could see prices testing 46044.

Outlook:  We expect Silver prices to trade positive

	R2	R1	S1		S2	TREND
SILVER	46000	45750	45400		45000	BULLISH