TECHNICAL ANALYSIS OF BULLION FOR 29-30 SEP 2016

SELL GOLD OCT @ 31100 SL 31380 TGT 30920-30750. MCX

SELL SILVER DEC @ 45900 SL 46240 TGT 45420-45040. MCX

Gold:  Gold trading range for the day is 30780-31126. Silver rose as Fed Chair Janet Yellen avoided a hard timeline for a rate hike, though a colleague did suggest the topic was up for discussion in November. Fed’s Evans said that raising rates because of financial stability concerns could leave the U.S. central bank less able to reach its inflation target. Holdings at ishares silver trust dropped by 0.44% i.e. 50.02 tonnes to 11287.75 tonnes from 11337.95 tonnes.

Outlook: Technically market is getting support at 30867 and below same could see a test of 30780 level, And resistance is now likely to be seen at 31040, a move above could see prices testing 31126.

	R2	R1	S1		S2	TREND
GOLD	31250	31150	30950		30850	BEARISH

Silver:  Silver trading range for the day is 45040-45972. Silver rose as Fed Chair Janet Yellen avoided a hard timeline for a rate hike, though a colleague did suggest the topic was up for discussion in November .Fed’s Evans said that raising rates because of financial stability concerns could leave the U.S. central bank less able to reach its inflation target. Holdings at ishares silver trust dropped by 0.44% i.e. 50.02 tonnes to 11287.75 tonnes from 11337.95 tonnes.

Outlook:  Technically now Silver is getting support at 45312 and below same could see a test of 45040 level, And resistance is now likely to be seen at 45778, a move above could see prices testing 45972.

	R2	R1	S1		S2	TREND
SILVER	46200	46000	45600		45300	BEARISH