BULLION OUTLOOK FOR 27-28 OCT 2016

BUY GOLD DEC @ 29740 SL 29600 TGT 29880-30000. MCX

BUY SILVER DEC @ 41850 SL 41500 TGT 42150-42400. MCX

Gold: Gold trading range for the day is 29681-30077. Gold prices inched down as the U.S. dollar steadied, but underlying demand for bullion was seen as robust ahead of major festivals in India. Bank of England Governor Mark Carney cast doubt on expectations for more monetary stimulus. SPDR gold trust holdings dropped by 1.49% i.e. 14.24 tonnes to 942.59 tonnes from 956.83 tonnes.

Outlook: Technically now Gold is getting support at 29758 and below same could see a test of 29681 level, And resistance is now likely to be seen at 29956, a move above could see prices testing 30077.

	R2	R1	S1		S2	TREND
GOLD	30000	29950	29700		29600	SIDEWAYS

Silver:  Silver trading range for the day is 41730-42762. Silver dropped as investor appetite for riskier assets such as equities, denting demand for bullion, often considered a safe haven. Data released by the U.S. Department of Commerce showed that new home sales rose 3.1 percent to an annual rate of 593,000. The U.S. central bank’s next meeting is in November, but a rate hike ahead of the presidential election is seen as unlikely

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 3.66% to settled at 16321, now Silver is getting support at 41923 and below same could see a test of 41730 level, And resistance is now likely to be seen at 42439, a move above could see prices testing 42762.

	R2	R1	S1		S2	TREND
SILVER	42600	42400	42000		41800	SIDEWAYS