COMMODITY OUTLOOK OF 23-30 SEP 2016

YETERDAY’S CALL UPDATE:

GOLD HIT TGT 31350 MADE HIGH OF 31379 !!!

SILVER HIT TGT 47380 MADE HIGH OF 47635!!!

"BUY GOLD OCT @ 31200 SL 31050 TGT 31350-31550."

"BUY SILVER DEC @ 47200 SL 46550 TGT 47500 -47600."

"BUY CRUDE OIL OCT @ 3030 SL 2990 TGT 3080-3120."

Gold: Gold trading range for the day is 31067-31513.Oct. Gold prices couldn’t sustain at its intraday highs at 31295 levels. If the weakness persists then prices will correct further towards support between 31130—31100 zones. Intraday reversals from these zones can be bought into by traders. A re-test of 30800 levels will be seen only on a break down below 31000 levels.

Outlook: Technically market is under fresh buying and getting support at 31200 and below same could see a test of 31067 level, And resistance is now likely to be seen at 31423, a move above could see prices testing 31513.

	R2	R1	S1		S2	TREND
GOLD	31425	31300	31200		31000	BULLISH

Silver:  Silver trading range for the day is 46859-47989.Dec. Silver prices needs to sustain above 47350 levels for the rally to advance towards next upside target around 47694 levels. Immediate support on dips is seen around 47050 levels below which prices will correct towards 46930/46650 levels. The broader view for the counter stays positive until 46000 levels holds on dips

Outlook:  Technically market is under fresh buying as market has witnessed gain in open interest by 8.1% to settled at 8844 while prices up 399 rupee, now Silver is getting support at 47213 and below same could see a test of 46859 level, And resistance is now likely to be seen at 47778, a move above could see prices testing 47989.

	R2	R1	S1		S2	TREND
SILVER	47650	47350	47000		46900	BULLISH

CRUDEOIL: Crudeoil trading range for the day is 3042-3140.We expect the current rally in Oct. Crude oil prices to extend up to 3100—3115 areas. Fresh selling is likely to come in as prices approach higher levels. Thus, day traders can look to open short positions as prices approach resistance areas. Any major downside though will be seen only on a break down below 3000

Outlook : Technically market is under short covering and getting support at 3071 and below same could see a test of 3042 level, And resistance is now likely to be seen at 3120, a move above could see prices testing 3140.

	R2	R1	S1		S2	TREND
CRUDEOIL	3150	3120	3040		3010	SIDEWAYS