TECHNICAL ANALYSIS OF BULLION FOR 28 SEP 2016

YETERDAY’S CALL UPDATE:

SILVER HIT TGT 46550 MADE HIGH OF 46783!!!

BUY GOLD OCT @ 31150 SL 31000 TGT 31350-31550

SELL SILVER DEC @ 46250 SL 46000 TGT 46500-46700

Gold:  Gold trading range for the day is 31157-31435. Gold prices remained in range as investors squared positions ahead of debate between Donald Trump and Hillary Clinton. The Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year. Russia and Kazakhstan continued to boost their gold reserves in August, data from the International Monetary Fund showed.

Outlook:  Technically market is under short covering and getting support at 31242 and below same could see a test of 31157 level, And resistance is now likely to be seen at 31381, a move above could see prices testing 31435.

	R2	R1	S1		S2	TREND
GOLD	31390	31310	31100		31000	BULLISH

Silver:  Silver trading range for the day is 46047-47027. Silver dropped with focus switching to a U.S. presidential debate which could prove a key pointer to the outcome of November's election. New U.S. single-family home sales posted their biggest decline in nearly a year in August after soaring to nine-year highs the month before. Uncertainty gripped as investors braced for a potentially pivotal U.S. presidential debate by shunning stocks while favouring safe haven assets.

Outlook:  Technically market is getting support at 46274 and below same could see a test of 46047 level, And resistance is now likely to be seen at 46764, a move above could see prices testing 47027.

	R2	R1	S1		S2	TREND
SILVER	46800	46450	46200		46000	BULLISH