BULLION OUTLOOK FOR 22-23 SEP 2016

YETERDAY’S CALL UPDATE:
GOLD HIT TGT 31200 MADE HIGH OF 31295 !!!
SILVER HIT TGT 46850 MADE HIGH OF 47380!!!

BUY GOLD OCT @ 31150 SL 30950 TGT 31350-31560.MCX

BUY SILVER DEC @ 46950 SL 46550 TGT 47380-47850.MCX

Gold:  Gold trading range for the day is 30698-31492. Gold gained after BOJ adopted a target for long-term interest rates, and further gains were expected if the U.S. central bank holds back from a rate increase. Federal Reserve left its policy interest rate unchanged to await more evidence of progress toward its goals. SPDR gold trust holdings gained by 0.60% i.e. 5.64 tonnes to 944.39 tonnes from 938.75 tonnes. Technically market is getting support at 30952 and below same could see a test of 30698 level, And resistance is now likely to be seen at 31349, a move above could see prices testing 31492.

Outlook: We expect gold prices to trade positive .

	R2	R1	S1		S2	TREND
GOLD	31400	31300	31200		31000	BULLISH

Silver:  Silver trading range for the day is 45360-48230. Silver gained after BOJ announced new monetary policy measures and as investors awaited the outcome of the Federal Reserve's meeting. The Federal Reserve left interest rates unchanged, but signaled that a rate increase was likely before the year’s end. Fed Chairwoman Janet Yellen stated that the fed remains data dependent, “and the recent data just does not support a move higher.”

Technically now Silver is getting support at 46265 and below same could see a test of 45360 level, And resistance is now likely to be seen at 47700, a move above could see prices testing 48230.

Outlook:  We expect Silver prices to trade positive

	R2	R1	S1		S2	TREND
SILVER	47600	47400	47000		46800	BULLISH