BULLION OUTLOOK FOR 14-15 OCT 2016

BUY GOLD DEC @ 29640 SL 29500 TGT 26800-29950.

SILVER DEC BUY ON DIP @ 41900 SL 41600 TGT 42200-42350.

Gold: Gold trading range for the day is 29569-29955. Gold edged higher as the dollar declined and after world shares slipped following renewed worries about China's economy. Some investors switched to gold as world stock markets stumbled to three-week lows following September trade data from China. SPDR gold trust holdings gained by 0.28% i.e. 2.67 tonnes to 961.57 tonnes from 958.90 tonnes.

Outlook: Technically market is under fresh buying as market has witnessed gain in open interest by 1.28% to settled at 8256 while prices up 58 rupee, now Gold is getting support at 29639 and below same could see a test of 29569 level, And resistance is now likely to be seen at 29832, a move above could see prices testing 29955.

	R2	R1	S1		S2	TREND
GOLD	30000	29700	29500		29400	BULLISH

Silver:  Silver trading range for the day is 41498-42596. Silver prices edged lower as stocks firmed and the U.S. dollar rose on expectations the Federal Reserve would raise interest rates by year-end. The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labour market strength. Minutes of Fed’s meeting
released showed several voting members of the policy committee judged a rate hike would be warranted "relatively soon".

Outlook: Technically market is under fresh selling as market has witnessed gain in open interest by 3.12% to settled at 16240 while prices down -161 rupee, now Silver is getting support at 41694 and below same could see a test of 41498 level, And resistance is now likely to be seen at 42243, a move above could see prices testing 42596.

	R2	R1	S1		S2	TREND
SILVER	42350	42100	41800		41500	BULLISH