BULLION OUTLOOK FOR 26-27 OCT 2016

yesterday’s CALL UPDATE:

gold HIT TGT 29880 MADE HIGH OF 30000!!!

BUY GOLD DEC @ 29850 SL 29700 TGT 30000-30100.

BUY SILVER DEC @ 42250 SL 42000 TGT 42560-42750.

Gold:  Gold trading range for the day is 29645-30131. Gold gained as the U.S. dollar retreated from multi-month highs and physical demand rose before India's late-October festival season. SPDR gold trust holdings gained by 0.34% i.e. 3.27 tonnes to 956.83 tonnes from 953.56 tonnes.

Outlook: Technically market is under short covering as market has witnessed drop in open interest by -1.25% to settled at 7927 while prices up 179 rupee, now Gold is getting support at 29794 and below same could see a test of 29645 level, And resistance is now likely to be seen at 30037, a move above could see prices testing 30131

	R2	R1	S1		S2	TREND
GOLD	30120	30000	29900		29700	SIDEWAYS

Silver:  Silver trading range for the day is 42034-42648. Silver rose buoyed by rising physical demand with investors cautious of a sentiment shift as the Fed nears a widely expected rate hike at the end of the year. U.S. home prices rose 5.1 percent in the year to August as home buyers competed for fewer properties, helped by low mortgage interest rates. The gain comes after money managers cut their net-long position in silver futures and options for a third week to the lowest in more than six months.

Outlook:  Technically now Silver is getting support at 42224 and below same could see a test of 42034 level, And resistance is now likely to be seen at 42531, a move above could see prices testing 42648.

	R2	R1	S1		S2	TREND
SILVER	42800	42600	42300		42000	SIDEWAYS