BULLION OUTLOOK FOR 05-06 OCT 2016

bullion call update: given on 30 sep

GOLD HIT TGT 30750 MADE low OF 29885 !!!

silver HIT TGT 45040 MADE low OF 42570!!!

Gold:  Gold trading range for the day is 29336-31256. Gold dropped as a stronger dollar and signals that Fed might be closer to raising interest rates this year drove investors out of the precious metal. Fed’s Evans said he would be "fine" with raising U.S. interest rates by year end if U.S. economic data continued to come in firm. Positive economic data usually puts pressure on gold prices as it increases expectations of a U.S. interest rate hike.

Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -7.18% to settled at 8603 while prices down -814 rupee, now Gold is getting support at 29691 and below same could see a test of 29336 level, And resistance is now likely to be seen at 30651, a move above could see prices testing 31256

	R2	R1	S1		S2	TREND
GOLD	30180	30100	29900		29700	SIDEWAYS

Silver:  Silver trading range for the day is 40990-46040. Silver dropped weighed down by a stronger U.S. dollar following recent upbeat U.S. data continued to weigh on the precious metal. Fed’s Lacker that there was a strong case for raising interest rates, stoked

expectations that the Fed will lift rates by year-end. The reports added to optimism over the strength of the economy after Friday’s upbeat U.S. consumer sentiment data.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 22.32% to settled at 13426 while prices down -2012 rupee, now Silver is getting support at 41935 and below same could see a test of 40990 level, And resistance is now likely to be seen at 44460, a move above could see prices testing 46040.

	R2	R1	S1		S2	TREND
SILVER	43600	43200	42700		42400	SIDEWAYS