BULLION OUTLOOK FOR 19-20 SEP 2016

BUY GOLD @ 30800 SL 30650 TGT 30980-31100

SELL SILVER @ 45900 SL 46100 TGT 45700-45500

Gold:  Gold trading range for the day is 30715-30983. Gold dropped after data showing faster-than-expected growth in U.S. consumer prices last month helped support the case for Fed to raise interest rates. With an improvement in consumer expectations offset by a deterioration in views of current economic conditions, University of Michigan showed a report. SPDR gold trust holdings gained by 1.11% i.e. 10.39 tonnes to 942.61 tonnes from 932.22 tonnes. Technically market is under long liquidation as market has witnessed drop in open interest by -2.78% to settled at 7492 while prices down -97 rupee, now Gold is getting support at 30764 and below same could see a test of 30715 level, And resistance is now likely to be seen at 30898, a move above could see prices testing 30983.

Outlook: We expect gold prices to trade positive .

	R2	R1	S1		S2	TREND
GOLD	31100	31000	30800		30700	BULLISH

Silver:  Silver trading range for the day is 44759-45857. Silver prices dropped as a stronger U.S. dollar and jitters over the path of monetary policy weighed on demand. Retail sales in the U.S. fell by more than expected in the month of August, the Commerce Department revealed in a report showed. Reflecting pullbacks in manufacturing and utilities output, a report on showing that U.S. industrial production fell by more than expected.

Outlook:  We expect Silver prices to trade negative.

	R2	R1	S1		S2	TREND
SILVER	46200	46000	45600		45400	BEARISH